With the Goods and Services Tax (GST) set to take off on July 1, the GST Council ended up its 16th meeting on Sunday. Talking at a question and answer session after the meeting, Finance Minister Arun Jaitley said that the rates for upwards of 66 items have been additionally changed things including film tickets of Rs 100 and below, incense sticks, insulin, school bags, PC printers. He said there were proposals for correction for 133 items. Relief was likewise given to little and medium ventures, with the limit for organization plot raised to Rs 75 lakh from the prior chose level of Rs 50 lakh.
GST Revision: Lowers Tax Rates of 66 Items
“The procedures of the last GST Council meeting were endorsed and we got an extensive number of suggestions from different areas of the economy. The GST rates on products chose today would make the merchandise less expensive for the regular man yet may cost to income of the administration,” Jaitley stated, tending to the media.
Traders, manufactures and eateries with a turnover of up to Rs 75 lakh can benefit the organization conspire, against Rs 50 lakh prior, the Finance Minister said. The decreases, he stated, depended on two noteworthy standards: keeping up equality and the adjustment in the use conduct.
The assessment rate on certain bundled sustenance things like pickles, mustard sauce, murabba, ketchup has been decreased to 12 for each penny from the prior chose 18 percent, while that on cashew nuts has been sliced to 5 percent from 12 percent.
The GST rate for excitement has been part into two classifications, with movie tickets beneath Rs 100 now proposed to be burdened at 18 percent, while those above will keep on being saddled at 28 percent. The Council likewise exempted youngsters’ photo, drawing books from 12 for each penny proposed before, while bringing down that for PC printers to 18 for every penny from 28 for each penny.
School sacks will draw in expense of 18 percent as against 28 percent proposed before. Charge rate on kajal has been brought down to 18 percent from 28 percent. The GST rate on cutlery has been lessened to 12 percent from 18 percent, while that for some tractor segments, plastic bags and plastic coverings has been sliced to 18 for percent from 28 percent. Likewise, the assessment rate for employment work for materials, precious stone handling, calfskin, gems and printing was lessened to 5 for percent from 18 percent.
The following meeting of the Council will be on June 18, which will take up lottery expenses and e-way charge and whatever other issue which may come up, Jaitley said. On the issue of audit of GST rate on hybrid autos, a detailed paper will be flowed and, in the wake of taking remarks from states, it will be taken up by the Council later, if vital, Jaitley said.