GST rates reduced for several items

GST rates reduced for several items

The new GST rates will be effective from the 1st of next month.

To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate.

After the new changes, 28 items are in the 28 percent slab. The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. They will now attract the 12% GST Slab from the current 18% Slab.

Creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal withcases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue. It decided that there would be a single cash ledger for each tax head.

The announcement was made by Narayanasamy shortly after the GST Council meeting ended.

"So an in-principle unanimous decision was taken that a composition scheme be framed for small service providers".

Tax rate on lotteries - Committee of States. The meeting would also discuss raising the threshold exemption limit of MSMEs.

However, the GST Council in its meeting on Saturday chose to take out 6 items from this list.

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- Jaitley said that the 31st GST Council meeting has approved proposal to form a 7-Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states.

Traders' body Confederation of All India Traders (CAIT) also welcomed the reduction in GST tax rates on various items and said it is a progressive step in rationalising and simplifying the tax structure. He added that the industry was also hoping for a GST rate reduction on air-conditioners.

"The GST Council's decision to reduce the GST rates of certain items is a step towards keeping the indirect taxes rates at moderate level".

The council has chose to grant Rs 60,000 crore in compensation to all states for the losses incurred due to the new tax regime for the following year, Bloomberg Quint reported.

- Jaitley: GST collection lower than expectations. During media briefing after the meeting, Jaitley said, "Here are 28 items left in the 28% bracket if we include luxury and sin items". The Finance Ministry has time and again asked real estate dealers to pass on GST rate cut benefits to buyers, but to no avail. Exported Gold ornaments will not attract any GST.

GST on walking stick was reduced from 12 per cent to 5 per cent. GST on music books cut from 12 per cent to zero.

Power banks of lithium ion batteries. Currently, these products are under the 28% tax slab and it is an expectation that they might come under the 18% slab. It will mandatory will be implemented from July 1, 2019. "Except for 34 items, all other will come down to 18% and below", said Narayanswamy. "Thus within a record period of thirteen months, the GST Council has nearly phased out the 28% category".

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