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       BUSINESS Next Article: GST Council approves Rs. 1 cr threshold for Composition Scheme  
       GST rates slashed on 27 items: What's become cheaper
 
         Posted on :22:07:05 Oct 6, 2017
   
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       Last edited on:22:07:05 Oct 6, 2017
         Tags: GST rates slashed on 27 items: What's become
 

NEW DELHI: According to NDTV, the GST Council Friday reduced the tax rate on range of items at its 22nd meeting held in New Delhi. Finance Minister Arun Jaitley, who heads the Council said after the day-long meeting, that GST rate on many daily-use items have been reduced, including man made yarn, unbranded namkeen, stones used in flooring and diesel engine parts, among others.

The council which had in its last meeting in September cut taxes on 40 items, said it has cut the GST rate on 27 items today. The Finance Minister also hinted that tax on eating out is being reconsidered and announced that a group of finance ministers would take a complete relook at the way the restaurants should be taxed.

Here is the full list of items which are set to become cheaper after the latest set of tax cuts, according to Mr Jaitley:

1. Mangoes sliced dried - GST rate cut from 12% to 5%

2. Khakra and plain chapati / roti - From 12% to 5%

3. Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government, subject to specified conditions - From 18% to 5%

4. Unbranded Namkeens - From 12% to 5%

5. Unbranded Ayurvedic, Unani, Siddha, Homeopathy medicines - From 12% to 5%

6. Poster Colour - From 28% to 18%

7. Modelling paste for children amusement - From 28% to 18%

8. Plastic waste, parings or scrap - From 18% to 5%

9. Rubber waste, parings or scrap - From 18% to 5%

10. Hard Rubber waste or scrap - From 28% to 5%

11. Paper waste or scrap - From 12% to 5%

12. Duty credit scrips - From 5% to Nil

13. Sewing thread of manmade filaments, whether or not put up for retail sale - From 18% to 12%

14. All synthetic filament yarn, such as nylon, polyester, acrylic, etc. - From 18% to 12%

15. All artificial filament yarn, such as viscose rayon, Cuprammonium - From 18% to 12%

16. Sewing thread of manmade staple fibres - From 18% to 12%

17. Yarn of manmade staple fibres - From 18% to 12%

18. Real Zari - From 12% to 5%

19. All goods falling under heading (other than those of marble and granite or those which attract 12% GST) - From 28% to 18%

20. Cullet or other waste or scrap of Glass - From 18% to 5%

21. Fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles, of base metal; staples in strips (for example, for offices, upholstery, packaging), of base metal - From 28% to 18%

22. Plain Shaft Bearings - From 28% to 18%

23. Parts suitable for use solely or principally with fixed Speed Diesel Engines of power not exceeding 15 HP - From 28% to 18%

24. Parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps - From 28% to 18%

25. E-Waste - From 28%/18% to 5%

26. Biomass briquettes - From 18% to 5%

27. Imposing GST only on the net quantity of superior kerosene oil [SKO] retained for the manufacture of Linear Alkyl Benzene [LAB] - From 18% to 18%

The GST Council today also hiked the threshold limit of the composition scheme to Rs. 1 crore from Rs. 75 lakh. The move will ease the compliance norms for small businesses. Businesses with annual turnover up to Rs. 1 crore can now opt for the composition scheme, which enables them to pay tax at a flat rate without input credits, Jaitley said. The council also announced a slew of measures to help exporters with GST compliance.

The review comes after feedback and complaints from businesses over compliance issues with the indirect tax regime.

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Next Article: GST Council approves Rs. 1 cr threshold for Composition Scheme
 
 
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