After 25th Good and Service Tax council meeting in Delhi, top body has recommended slashing GST rates on 29 goods and 53 services were revised.
The decision was jointly taken by the federal and state finance ministers and was announced in a press meet by Finance Minister Arun Jaitley, just days ahead of the annual budget 2018-19. The council is also working on simplifying the process of GST return filing, he said. GST rates will not applicable on vibhuti (sacred ash), parts and accessories for manufacture of hearing aids and de-oiled rice bran. The new GST rates will be effective from January 25, 2018.
List of goods in which GST reduced from 28 per cent to 18 per cent include, buses, for use in public transport, which exclusively run on bio-fuels and old and used motor vehicles (medium and large cars and SUVs). List of goods in which GST reduced from 28 per cent to 12 per cent include, all types of old and used motors vehicles (other than medium and large cars and SUVs). List of goods in which GST reduced from 18 per cent to 12 per cent include sugar boiled confectionary, sugar boiled confectionary, fertilizer grade Phosphoric acid, bio-diesel, 12 types of bio-pesticides, bamboo wood building joinery, drip irrigation system including laterals, sprinklers, mechanical sprayer. List of goods in which GST reduced from 18 per cent to 5 per cent include, tamarind kernel powder, mehendi paste in cones, LPG supplied for supply to household domestic consumers by private LPG distributors, Scientific and technical instruments, apparatus, equipment, accessories, parts, components, spares, tools, mock ups and modules, raw material and consumables required for launch vehicles and satellites and payloads. List of goods in which GST reduced from 12 per cent to 5 per cent includes, articles of straw, of esparto or of other plaiting materials; basketware and wickerwork, Velvet fabric (with no refund of un-utilised input tax credit). List of goods in which GST reduced from 3 per cent to 0.25 per cent: Diamonds and precious stones.