GST Council reduces tax rates on 27 items
KalingaTV News Network
New Delhi: In a major relief to the common man, small and medium traders and exporters, the GST Council on Friday reduced tax rates on 27 items and allowed small traders to file their returns on a quarterly basis.
The GST Council meeting, which was held under the Chairmanship of Union Finance Minister Arun Jaitely here yesterday, decided to reduce GST rates on dried mangoes, Khakhra, plain chapatis, unbranded Namkeens, unbranded ayurvedic medicines and paper wastes from 12 per cent to 5 per cent.
Speaking to media persons after the meeting, Jaitley said food packets used in the ICDS scheme, plastic and rubber wastes will now be taxed at the rate of 5 per cent instead of 18 per cent. Man-made Yarn will be taxed at 12 percent instead of 18 percent.
Stationary items, flooring stones other than marble and granites, parts of diesel engine and pumps will now attract 18 per cent GST against the present rate of 28 per cent, Jaitley added. Moreover, job works related to zari embroidery, imitation jewellery, food items, printing and government contracts involving high element of labour will all attract GST at the rate of 5 percent.
The GST Council also approved the quarterly filing of returns for businesses with turnovers of up to Rs. 1.5 crore besides raising the threshold for composition scheme from Rs. 75 lakh to Rs 1 crore.
“The recommendations made by 22nd #GSTCouncil would help traders across the country”, Jaitley wrote on his twitter handle.
— Arun Jaitley (@arunjaitley) October 6, 2017
The Minister of State for Finance Shiv Pratap Shukla, Revenue Secretary Dr. Hasmukh Adhia, Chief Economic Adviser Dr. Arvind Subramanian and other dignitaries were also present in the meeting.