GST rate cut: From diamonds to used cars, here's full list of revised items
The changes will be
effective from January 25; 15 states to start intra-state e-way bill from
February 1
BUDGET NEWS :
Two weeks ahead of Budget 2018, the Goods
and Services Tax (GST) Council on Thursday cut rates on 83 employment-oriented
goods and services, in a bid to encourage greater compliance as revenues have
dipped since the landmark reform was announced in July. The panel, headed by
Finance Minister Arun Jaitley and comprising representatives of all states, at
its 25th meeting decided to reduce tax rate on 29 items and 54 categories of
services with effect from January 25. Businesses have raised concerns about
high rates of taxation and cumbersome processes in GST, billed as India's
biggest tax reform in 70 years.
The goods on
which GST will be lowered include biofuel-run buses, used motor vehicles and
diamonds and precious stones.
Here's the
complete list:
List of
goods on which GST rate recommended for reduction from 28% to 18%
Old and used
motor vehicles on the margin of the supplier, subject to the condition that no
input tax credit of central excise duty/value added tax or GST paid on such
vehicles has been availed by him.
Buses, for
use in public transport, which exclusively run on bio-fuels.
List of
goods on which GST rate recommended for reduction from 18% to 12%
Sugar boiled
confectionary Drinking water packed in 20 litters bottles Fertilizer grade
Phosphoric acid Bio-diesel Bio-pesticides Bamboo wood building joinery Drip
irrigation system including laterals, sprinklers Mechanical Sprayer
List of
goods on which GST rate recommended for reduction from 18% to 5%
Tamarind
Kernel Powder Mehendi paste in cones LPG supplied for supply to household
domestic consumers
Comments
Post a Comment