IndiaNewsonWeb Logo
Information on various aspects of history, geography, states, districts & personalities of India
Upcoming Elections
||Quami Ekta Week - 19th to 25th of November||World Heritage Week - 19th to 25th of November||International Film Festival of India - 20th to 30th November||
Deep Narayan Singh was born today||Justice R.N. Mishra  was born today||Shyamal Kumar Sen (acting) was born today||Kristappa Nimmala was born today||Prataprao Ganpatrao Jadhav was born today||Dilip Tirkey was born today||Yashwantrao Chavan had died today.||
Home >> News >> GST Tax Rate Reduced on 200 Products, See New List of Every Slab

GST Tax Rate Reduced on 200 Products, See New List of Every Slab

image
Posted on: 11 Nov, 2017 Tags   Tax GST Arun Jaitley Finance Minister GST Council

IndiaNewsonWeb: 11 Nov, 2017, While making the biggest change in the determination of GST till now, the GST Council has reduced rates of tax on nearly 200 products from chewing gum to chocolates, cosmetics, wigs to hand watches. After the meeting of the GST Council, Finance Minister Arun Jaitley said that it has decided to reduce the tax rate on 200 items of common usage from 28 per cent to 18 per cent of the existing.

The food in the restaurant is cheap now

The council has decided to tax rate on all types of restaurants from AC to non-AC at five percent. So far, the non-AC restaurant had GST at 12 percent rate of food bill. At the AC restaurant, the GST rate was 18 percent. For star hotels that have a daily room rate of Rs 7,500 or more, 18 percent GST will be levied on them. But the facility of ITC will be available. At the same hotel where one day's room rent will be less than Rs. 7,500, it will be GST at the rate of 5 percent. However, they will not get the facility of ITC.

The GST Council has reduced the number of items in the highest tax rate slab of 28 percent to just 50, which was 228 in the first. Now only 28 percent tax slabs are left with only luxury and harmful things. Items of everyday use have been put in the tax slab of 18 percent.

The rate of GST has been reduced from 5 to zero on Guar Mile, Hap Cone, some dry vegetables, unleashed coconut and fish.
The rate of GST on pulverized rice chikki, potato flour, chutney powder and fly sulfur has been reduced from 18 to 6 percent.
The rate of tax on idli dosa butter, finished leather, coward, fishing net, old clothes and dry coconut has been reduced from 12 to 5 percent.

GST on these items reduced from 28 to 18%

Chewing gum

Chocolate

Coffee

Custard Powder

Marble and Granite

Dental Hygiene Products

Polish and cream

Sanitary wear

Leather clothes

Artificial fur

Wig

Cooker

Stove

Shaving kits

Shampoo

Deodorant

Laundry Detergent Powder

Cutlery

Storage Water Heater

Batteries

Goggles

Hand watch

Mattress

The wire

Cables

Furniture

Trunk

Suitcase

Hair Cream

Hair Color

Makeup Accessories

Fan

Lamps

Rubber Tube

Microscope

These things reduced from 18 to 12 percent

Condensed Milk

Refined sugar

Pasta curry paste

Diabetic Food Medical Grade Oxygen

Printing Ink

Hand band

Hat

Glasses frame

Bamboo-Ken Furniture

These things are still 28 per cent GST (most expensive)

Pan Masala

Aerated water

Beverages,

Cigars and cigarettes

Tobacco products

Cement

Paint

Perfume

AC

Dish

Washing Machine

Refrigerators

Vacuum cleaner

Car and Bike

Aeroplane

Yacht

Discounts for filing GST returns

In order to reduce the compliance burden, the Council has relaxed the norms for filing returns and also reduced the fine on filing of GST return with delay. Revenue Secretary Hasmukh Adhia said that after filing of GST from the delay, the penalty on taxpayers with zero liabilities reduced from 200 rupees to 20 rupees per day.

Jaitley said that according to an attempt to rationalize the GST structure, the Council periodically reviews the rates. From the last three meetings, we are looking at systematic ways of making 28 percent tax slab and bringing these slabs down to the slab. Most of these items have been brought to the tax slab of 18 or less. He had fixed the tax slab of 5, 12, 18 and 28 percent of GST on the basis of which an attempt was made to keep each product in that category which was in its closest category in GST pre-arrangement. 

Copyright © 2017 Indianewsonweb.com
Powerd By SavvyonWeb