Yesterday on Saturday 28th GST Goods and Consumer Tax Council Meeting was held at New Delhi. Finance Minister Piyush Goyal chaired the GST Council meeting.
The Council suggested to reduce GST rates from 28 % to 18 % on certain commodities.
Reduction on 88 consumer oriented items such as cosmetics, refrigerators, washing machines, and small screen televisions, and cleared the widely demanded exemption on sanitary napkin were applied.
GST Council updated rates are as follows:
1. Quarterly Returns approved for taxpayers with turnover less than Rs 5 crore ( tax payments to continue on monthly basis)
2. Sanitary Napkins exempted from GST going forward
3. No decision on 1% sugar cess
4. GST on bamboo flooring reduced to 12%
5. GST on hotels would now be on actual tariff & not declares tariff
6. Ethanol for Oil Marketing Companies now at 5% vs 18% earlier
7. 5% GST ceiling on footwear raised from Rs 500 to Rs 1000
8. GST on paints & varnishes, wall putty cut from 28% to 18%
9. GST on all leather items cut from 28% to 18%
10. GST on consumer electronics – TV (up to 27″), Washing Machine, Refrigerator, mixer, juicer, grinder cut from 28% to 18%
11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%…
1. Quarterly Returns approved for taxpayers with turnover less than Rs 5 crore ( tax payments to continue on monthly basis)
2. Sanitary Napkins exempted from GST going forward
3. No decision on 1% sugar cess
4. GST on bamboo flooring reduced to 12%
5. GST on hotels would now be on actual tariff & not declares tariff
6. Ethanol for Oil Marketing Companies now at 5% vs 18% earlier
7. 5% GST ceiling on footwear raised from Rs 500 to Rs 1000
8. GST on paints & varnishes, wall putty cut from 28% to 18%
9. GST on all leather items cut from 28% to 18%
10. GST on consumer electronics – TV (up to 27″), Washing Machine, Refrigerator, mixer, juicer, grinder cut from 28% to 18%
11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%…
