Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
July 21, Saturday 2018 1:35 AM       

       HEADLINES: Irregularity over Jail IG’s elevation: Finance department recommends action                                              Malabar cement corruption: Petition seeking CBI inquiry dismissed                                              In BJP list, there was no Kannanthanam: Kanam                                              Rifa, a gentleman in Campus; his real face shocks classmates                                              Popular Front threatens to kill newly-married couple, DYFI steps in to protect                                              Rahul attacks Modi govt on several fronts                                              Rajnath hits at Tharoor for 'Hindu Taliban' remark                                              Stage set for debate on no-confidence motion against Modi govt in Lok Sabha                                              BJD walks out as LS begins debate on no trust motion against Modi govt                                              Congress emotionally exploited India: BJP                                              Indian detainees in US not handcuffed, says volunteer                                              Trump invites Putin to US for talks amidst backlash over first summit in Helsinki                                              Root and Morgan clinch decider for England in ODI series                                              Kaumudi Facebook
       BUSINESS Next Article: 23rd GST Council meeting begins in Guwahati  
       GST rate on mass consumption items cut to 18pc
 
         Posted on :15:48:51 Nov 10, 2017
   
A A
       Last edited on:15:48:51 Nov 10, 2017
         Tags: GST rate on mass consumption items cut to 18p
 

GUWAHATI: The GST Council Friday decided to reduce tax rate on a wide range of mass use items - from chewing gums to detergents -- to 18 per cent from current 28 per cent, Bihar Deputy Chief Minister Sushil Kumar Modi said.

The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Modi told reporters here.

In effect, the council, in its 23rd meet today, cut rates on 177 goods.

Facing intense heat from opposition-ruled states over keeping mass used goods in the 28 per cent bracket which was meant for luxury and de-merit goods, the Council pruned the list to 50 as against 62 that was recommended by its fitment committee.

The Goods and Services Tax (GST), implemented "from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

"There were 227 items in the 28 per cent slab. The fitment committee had recommended that it should be pruned to 62 items. But the GST Council has further pruned 12 more items," Modi said.

He said all types of chewing gum, chocolates, preparation for facial make-up, shaving and after-shave items, shampoo deodorants, washing powder detergent and granite and marble will attract lower 18 per cent tax rate.

"There was unanimity that in 28 per cent category there should be only sin and demerit goods.

So, today the GST Council took a historic decision, that in the 28 per cent slab there will be only 50 items and the remaining items have been brought down to 18 per cent," he said.

Paints and cement have been retained in the 28 per cent tax bracket, he said.

"Luxury goods like washing machines and air conditioners have been retained at 28 per cent."

The decision taken by the GST Council will have a revenue implication of Rs. 20,000 crore annually.

"There is consensus that slowly 28 per cent slab should be brought to 18 per cent. But it will take some time because it has a big revenue implication," he said.

A A
       BUSINESS
Next Article: 23rd GST Council meeting begins in Guwahati
 
 
BUSINESS HEADLINES
Google to string undersea cable from France to Virginia  
Sensex slides 146 pts on profit-booking, political developments  
India prepared to impose 'safeguards' if steel imports rise: government source  
Nickel falls on lower demand  
May announces new 2 bn pounds UK-Italian fighter jet project  
Infosys shares soar 6% after Q1 earnings  
Rupee slips 6 paise against US dollar  
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar  
India to be $10 trillion economy by 2030: Garg  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
India to be $10 trillion economy by 2030: Garg  
Markets slip from record to end flat on profit-booking  
Markets slip from record to end flat on profit-booking  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
Retail inflation rises to 5 percent in June  
Retail inflation soars to 5% in June, IIP presides to 3.2% in May  
Indian Army signs MoU with SBI on salary package  
US dollar ends sharply lower against rupee  
Gold, silver recover on mild demand  
BSNL starts first internet telephony service in India  
Sensex nears all-time high; TCS shines on Q1 show  
Gold futures gain 0.06% on global cues  
Goyal asks Coal India to ensure supply for power sector  
Grex Alternative Investments Market looks to raise $100 mln  
Cong targets PM over fall in value of Rupee  
 
Do you agree with Modi's stand that Kerala didn't use properly Central govt funds?
Yes
 
No
 
Don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy