On the twenty-third meeting of GST Council on 10.11.2017 suggested widespread modifications in the Goods & Services Tax. The council has fixed to have the greatest 28% tax on luxury & sinful items out of which 177 items have been moved to the 18% bracket. GST on several products have too been decreased. The government has segmented items in 5 big slabs - 0%, 5%, 12%, 18% & 28%. Here is the updated list of goods and services taxed under various GST sla ..
The GST council of India on 10th of November 2017 changed the gst tax rates for about 178 items, varying from chewing gum to beauty goods. The goods and services tax rates on these revised items were jumped from the high tax bracket of 28 per-cent to 18 per cent or below. The very vital decision was to amend the tax rate on AC and non-AC hotels to five percent from the previous 18 per cent rate.
Offering a high relief to India Inc & users alike, the GST Council confirmed on Friday to bring down the tax rate on 178 products, leaving only fifty items in the top twenty-eight per cent rate slab in the Goods and Services Tax.
“Optically, few items must not be in the 28% bracket although they were taxed at alike levels before GST,” told Finance Minister Arun Jaitley after the Council meeting.
Now, just items that earn the cess, like luxury and sin materials, cement, paint, white products, and automobile, aircraft & yacht spares, will be in the top tax grade.
Prime Minister Shri. Narendra Modi had on 4.11.2017 gave an alarm of this, over his presentation on ‘India’s Business Reforms’, participated by World Bank CEO Kristalina Georgieva.
|Item||Old GST rate||New GST rate|
|Sweets such as Khaja, Anarsa||18%||5%|
|Pasta, Handbags made of cotton and jute||18%||12%|
|Plywood, wash basin, construction-related||28%||18%|
|items, stove, fire extinguisher, mattress|