GST: 81% Items to fall under 18% Slab
The Goods and Services Council has finalised the tax rates for 1,211 items, leaving just 6 items out of the GST ambit. Industry got a big boost, as the GST rate for capital good, industrial intermediate items kept at 18 per cent.
The GST Council approved 7 GST Rules at the meeting held in Srinagar. The legal committee would look at remaining two rules (return and transition).
The common man items have been put in 12% and 18% slab. Hair Oil, Soap, Toothpaste to attract 18% GST. Currently, they are being charged at 28%.
Sugar, Tea, Coffee, Sweets, Spices, Mustard Oil & Edible Oil will have 5% GST.
Coal will attract 5% GST instead of existing 11.69%. Wheat, Rice, Cereals, Milk to be exempted from GST.
The Council has decided to impose 12% & 18% slabs on manufacturing goods. 28% GST has been confirmed on Luxury Cars, Pan Masala & Drinks.
Healthcare & Education to be exempted from GST.
5% GST for Restaurants with turnover of Rs 50 lakh or below; 12% GST for non-AC Restaurants. AC restros with Bars to attract 18% GST. 28% GST on Cinema Halls & Five Star Hotels.
Economy Class air travel to attract 5% #GST; Business Class 12%.
5% GST to be levied on cab aggregators like Ola and Uber.