GST Council Cuts Tax Rates: Goods and Services Tax council held a meeting on November 10th. The meeting took place in Guwahati in which all the higher officials were present. GST council meeting took place to get major relief on certain goods and services for which the GST rates are high. Finally, after the meeting, GST council cuts tax rates on 178 items. Also, the GST council has published the revised rates of GST on the products. It is a good news for all the people who were thinking of the higher GST rates. Check out the new GST rates and the items for which the GST Council cuts tax rates.
GST Council Cuts Tax Rates On 178 Items Check The New Tax Rates
We all know that the GST rates for the products are applicable from July 1st, 2017. The major goods and services which had attracted a GST of 28% have now reduced to 18%. After the new GST rates, only 50 items will attract a GST rate of 28 percent. The goods on which the GST rates have cut from 28% to 18% are electric connectors, fuses, switches, relays, and several other items. Also, GST rates which attract 18% GST are handbags, diabetic food, furniture made of Bamboo, printing ink, curry paste and many other goods.
Check out the Revised GST Rates
Chewing gums, chocolates, beauty products have now become cheaper after the new GST rates. Also, there is a reduction in the GST rates on a wide range of products. It is a happy news for all the people who go out for eating in restaurants. The restaurant bills will get cheaper after the revised GST rates. So, people can enjoy eating out in the restaurants which now attracts less bill of GST. Out of 228 items which fall under the GST of 28 percent, now there is a reduction in GST on 178 products. This is a major change that the people can experience in the cost of the goods.
Air Conditioners, washing machines, refrigerators, vacuum cleaners, cement, and other luxury items are slabbed under 28 percent GST rate. Further, Only two items wet grinders and the armoured fighting vehicles have seen a reduction from 28% to 12 percent after the meeting took place. Shampoos, detergents, skin creams, wrist watches, wood furniture has seen a reduction in the GST rate. Also, Some of the items which are under the 18 percent GST rate have been reduced to 12% and 5%.
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