Making further progress on rolling out Goods and Services Tax (GST) by July 1, the GST Council on Thursday decided the tax rates for 1,211 items, a majority kept at 18 per cent, though the rates on gold and beedi remained undecided. The Council did not take any decision on services tax rates.Key Decisions:
- Items like hair oil, toothpaste and soaps currently taxes at 28%, will be taxed at 18% under GST.
- Sugar, tea, coffee, edible oil and coal will attract 5% tax.
- Air- conditioners and refrigerators will come under 28% tax.
- Lives saving drugs have been kept under 5% rate.
- Rate for capital goods, industrial and intermediate items has been set at 18%.
- Milk will be exempted from GST, food grains to be cheaper.
“There is no increase in taxes of the items considered today. In fact, for many of them, taxes have come down,” Finance Minister Arun Jaitley told the media here after the first day of the GST Council meet. Revenue Secretary Hasmukh Adhia said that an overwhelming 81 per cent of items will attract tax of 18 per cent or below,” he said.The Finance Minister said food items, including cereals, will become cheaper as they have been kept under the exempt category to which milk is also proposed to be added. However, the fitment of packed and branded food is yet to be decided. Jaitley said the rates on the remaining items will be decided in the Council’s meeting on Friday. “Of several commodities, we have consciously brought down the tax. In the overall basket there will be a reduction,” said Jaitley in reply to a question.
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