Only 50 items to remain under 28% tax slab
Team Udayavani, Nov 10, 2017, 3:18 PM IST
Guwahati: In a major revamp, the GST council decided slashed tax rates on a wide range of items – from chewing gums to detergents – to 18 per cent from current 28 per cent, Bihar Deputy Chief Minister Sushil Kumar Modi said.
The council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Modi told reporters.
In effect, the council, in its 23rd meet, cut rates on 177 goods.
Facing opposition over keeping mass used goods in the 28 per cent bracket which was meant for luxury and de-merit goods, the council pruned the list to 50 as against 62 that was recommended by its fitment committee.
The GST, implemented “from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.
“There were 227 items in the 28 per cent slab. The fitment committee had recommended that it should be pruned to 62 items. But the GST Council has further pruned 12 more items”, Modi said.
He said all types of chewing gum, chocolates, preparation for facial make-up, shaving and after-shave items, shampoo deodorants, washing powder detergent and granite and marble will attract lower 18 per cent tax rate.
“There was unanimity that in 28 per cent category there should be only sin and demerit goods.
So, the GST Council took a historic decision, that in the 28 per cent slab there will be only 50 items and the remaining items have been brought down to 18 per cent”, he said.
Paints and cement have been retained in the 28 per cent tax bracket, he said.
“Luxury goods like washing machines and air conditioners have been retained at 28 per cent.”
The decision taken by the GST Council will have a revenue implication of Rs 20,000 crore annually.
“There is consensus that slowly 28 per cent slab should be brought to 18 per cent. But it will take some time because it has a big revenue implication”, he said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
If data doesn’t suit them, they’ll change it altogether: Cong’s swipe at govt over Goyal’s remarks
Sensex drops 110pts, Nifty falls for 6th day on FII selling, inflationary concerns
USD 1 trillion a year needed for developing nations by 2030: High-Level Group on Climate Finance
FSSAI directs online platforms to deliver food items with minimum 45 day shelf life
Retail inflation rises to 6.21 pc in Sep amid higher food prices
MUST WATCH
Latest Additions
Cow smuggler dead, six others injured after their vehicle overturns during police chase
Assam bypolls: Samaguri Cong candidate alleges rigging by BJP, demands repolling
Who in Congress has said Article 370 will be restored? Shah spreading lies: Kharge
All arrangements in place to ensure smooth darshan at Sabarimala shrine: Kerala police
Delhi pollution: Mothers’ group write to health minister, highlight respiratory issues among kids
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.