GST : Tax reduces on 66 items
Addressing to the media person minister said, “The proceedings of the last GST Council meeting were approved and we received a large number of recommendations from various sectors of the economy. The GST rates on goods decided today would make the goods cheaper for the common man but may cost to revenue of the government”. Traders, manufacturers and restaurants with a turnover of up to Rs 75 lakh can avail the composition scheme, against Rs 50 lakh earlier, he said.
Next meeting of GST Council will be held on June 18 where the GST rates on lottery taxes and e-way bills will be decided.
The key revised rates:
There would be two categories of GST rates on cinema, 28% in case tickets above Rs.100 and 18% in case of tickets up to Rs.100
GST rate on printers cut to 18% from the 28% that was decided earlier
Packaged food, including some fruits and vegetables, pickles, toppings, instant food, sauces revised from 18% to 12%
GST rate on children’s colouring books cut to nil from 12%
GST on insulin, agarbattis lowered to 5% from 12%
GST on school bags to attract tax of 18% as compared to the 28% earlier
GST rate on insulin cut from 12 to 5%