GST rates reduced by GST Council
Major Decisions in 16th Meeting is as under including Major Items where rates has been reduced is as UnderReceived representation for about 133 goods, out of which rates have been reduced in 66 cases
Rates on goods decided today would make the goods cheaper for common man but may cost to Revenue of Govt.Two categories of GST rates on cinema, 28% in case tickets above Rs.100 and 18% in case of tickets up to Rs.100
Cashew revised from 12% to 5%
Dental wax revised from 28% to 18%
Kaajal from 28% to 18%
Insulin revised from 12% to 5%
Plastic beads & tarpaulins revised from 28% to 18%
Agarbatti revised from 12% to 5%
Packaged food, including some fruits and vegetables, pickles, toppings, instant food, sauces revised from 18% to 12%
Plastic turpolin ? revised from 28% to 18%
School bags revised from 28% to 18%
Exercise books revised from 18% to 12%
Coloring books revised from 12% to nil
Pre-cast concrete pipes revised from 28% to 18%
Cutlery revised from 18% to 12%
Glaze stone from 28% to 18%
Computer Printers Reduced from 28% from 18%
Tractor components revised from 28% to 18%
Computer printers revised from 28% to 18%
For workers in industries like textile, Printing,diamond processing etc, where the workers take the work home, 18% tax that is now being charged will be fixed at 5% because the GST for these sectors have gone down as well.
Composition scheme Limit has been Increased to 75 Lakh from 50 Lakh for all eligible persons ,Trader /Manufactures/Restaurants .
Account & audit Rules has been approved.
The next meeting for the GST Council will be on June 18th.