Deepak Gupta | May 19, 2017 |
GST: 81% items to be taxed below 18% rate: Government
The Goods and Services Council today decidedtax rates for 1,211 items with a majority of items being kept at under 18 per cent rates.
“There is no increase in taxes of the items considered today. In fact, for many of them, taxes have come down,” Finance Minister Arun Jaitley told media after the first day of the GST Council meet.
Briefing the media after the meeting in Srinagar, Jaitley said, today’s meet was focused mainly on fitment of goods under slabs. GST Council may meet again if final rates not decided tomorrow.
Clearing air over the GST rate slabs, Revenue Secratery Hasmukh Adhia said: “Nearly 81 per cent of the items will fall under below-18 per cent GST rate slabs and only 19 per cent of the goods will be taxed above 18 per cent.”
“We have finalised tax rates for majority of items as well as the exempt list (at today’s meeting),” Jaitley told reporters here.
The GST rate for all but six out of the 1,211 items was decided on the first day, he said, adding the tax rate for items that would be decided tomorrow include gold, footwear, branded items and bidi.
Tomorrow’s meeting will also decide on the rate of tax for services, he said.
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