Agencies

NEW DELHI, Jul 22:The GST Council reduced tax rates on more than 50 items and exempted sanitary napkins, rakhis, stone, marble, wooden deities and Saal leaves from GST. 

Briefing media after chairing the 28th GST Council meeting in New Delhi on Saturday, Finance Minister Piyush Goyal said, GST on footwear priced below 1,000 rupees will attract 5 per cent rate. He said, lithium-ion batteries, vacuum cleaners, food grinders, mixers, storage water heaters, hair dryers, hand dryers, paint, varnishes, water cooler, milk cooler, ice cream coolers, perfumes, toilet sprays and toilet preparation have been brought to 18 from 28 per cent slab. 

Mr Goyal said, GST rate on handbags, jewellery box, wooden box for paintings, artware of glass, stone endeavour, ornamental framed mirrors and handmade lamps were reduced to 12 per cent. He said, GST on imported urea and ethanol sold to oil companies for blending with petrol and diesel has been reduced to 5 per cent. 

The Finance Minister said, there will be minimal impact of these decisions on revenue collections. He said, 100 items will be impacted by today's decision. He said, the decisions taken today will be applicable from 27th of this month. 

Mr Goyal said, traders with turnover up to 5 crore rupees will deposit GST monthly but they have to file the returns quarterly. He said, besides revenue collection, the GST council will now focus on job creation as well. 

Mr Goyal said, GST council has cleared 46 amendments which will be passed in Parliament. He said, exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh and Sikkim has been increased from 10 lakh to 20 lakh rupees. 

Mr Goyal said, simplification in tax is a government priority. He said, soon the government will link RFID tags with Goods and Services Tax Network (GSTN) for transporters and this will reduce harassment of transporters at toll plazas. Mr Goyal said, return forms will be simplified into two formats - Sugaam and Sahaj. 

The Finance Minister informed that the Special meeting of GST council will be held on 4th of next month in Delhi and it will be focussed on Micro, Small and Medium Enterprises MSME Sector. 
 

---

Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

<< Back to News List