​​​
  1. GST Council cuts tax rate on 29 items, increases on 2; Here’s the full list of items with new rates

GST Council cuts tax rate on 29 items, increases on 2; Here’s the full list of items with new rates

The GST Council, in the 25th meeting on Thursday, announced tax rate cut on 29 items, while increased on 2. These 29 items include second-hand vehicles, confectionery and bio-diesel. Here's the complete list

By: | Updated: January 19, 2018 1:05 PM
union budget 2018, FDI, multi brand retail trade, gst simplification, gst refund, The GST Council, in the 25th meeting on Thursday, announced tax rate cut on 29 items. (Image: Reuters)

The GST Council, in the 25th meeting on Thursday, announced tax rate cut on 29 items, while increased on 2. Uttarakhand Finance Minister Prakash Pant told reporters that tax rates on some agriculture products and some goods under the 12% and 18% were cut, while 29 handicraft products were brought under the 0% tax bracket. “The Fitment committee has approved relaxation on 29 handicrafts to 0%,” he said. These 29 items include second-hand vehicles, confectionery and bio-diesel.

The GST Council, in a statement, said the new rates will be given effect to through Gazette notifications/circulars which only shall have the force of law. Here’s the full list of items with new tax rates:

From 28% to 18%

1. Old and used motor vehicles on the margin of the supplier, subject to the condition that no input tax credit of central excise duty/value added tax or GST paid on such vehicles has been availed by him.

2. Buses, for use in public transport, which exclusively run on bio-fuels.

From 28% to 12%

1. All types of old and used motors vehicles [other than medium and large cars and SUVs] on the margin of the supplier of subject to the conditions that no input tax credit of central excise duty /value added tax or GST paid on such vehicles has been availed by him.

From 18% to 12%

1. Sugar boiled confectionary

2. Drinking water packed in 20 litters bottles

3. Fertilizer grade Phosphoric acid

4. Bio-diesel

5. Some bio pesticide

6. Bamboo wood building joinery

7. Drip irrigation system including laterals, sprinklers

8. Mechanical Sprayer

From 18% to 5%

1. Tamarind Kernel Powder

2. Mehendi paste in cones

3. LPG supplied for supply to household domestic consumers by private LPG distributors

4. 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

From 12% to 5%

1. Articles of straw, of esparto or of other plaiting materials; basketware and wickerwork

From 12% to 5% without ITC

1. Velvet fabric

From 3% to 0.25%

Diamonds and precious stones

 

However, there was an increase in the GST rate as well.

Increase from 12% to 18%

1. Cigarette filter rods

Increase from Nil to 5%

1. Rice bran (other than de-oiled rice bran)

First published on January 18, 2018, on www.financialexpress.com

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top