1. GST rates on insulin, agarbatti lowered to 5 pct; tax on printers, school bags cut to 18 pct

GST rates on insulin, agarbatti lowered to 5 pct; tax on printers, school bags cut to 18 pct

Jaitley further added that GST Council has reduced tax rates of 66 items as against representations received for 133 items.

By: | New Delhi | Updated: June 11, 2017 5:17 PM
gst council meet, insulin rates, change in rates gst, Finance Minister, Arun Jaitley, Jaitley further added that GST Council has reduced tax rates of 66 items as against representations received for 133 items. (Image: IE)

In the GST Council meet today, rates on a number of products was decided, Finance Minister Arun Jaitley revealed. He said that traders, manufacturers and restaurants with turnover of up to Rs 75 lakh can avail the composition scheme, against Rs 50 lakh earlier. Jaitley further added that GST Council has reduced tax rates of 66 items as against representations received for 133 items. The Council lowered the tax rate on computer printers to 18 pct from 28 ptc, while the GST on insulin, agarbatti was lowered to 5 pct. The taxes on school bags has been reduced to 18 per cent from 28 per cent. The next meeting of the council will be on next Sunday, 11:30 a.m. at the same venue, Jaitley told media.  While for the movie tickets, a rate of 28% will be maintained for tickets above Rs 100 and below Rs 100 it will be reduced to 18%.  “Received representation for about 133 goods. After considering representation, the GST council has reduced tax levels in 66 cases,” Jaitley was quoted as saying by ANI. However, the tax rate on sanitary napkins of 12 percent will remain. “What has been decided earlier remains,” said Jaitley when asked about tax revision on sanitary napkins.

Today’s meeting was the 16th meeting of the Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, since it was set up in September 2016. “Main agenda items include confirmation of the minutes of the 15th GST Council meeting held on June 3, approval of amendments to draft GST rules and rate adjustment, if any, based on the representations received from different trade and industry and their associations,” a finance ministry statement had said earlier. A number of industry associations have sought a review of the tax rates saying that the GST incidence is working out to be much higher than the present level of taxation.

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