After 25th GST council meeting in Delhi yesterday, GST rates on 29 goods and 53 services were revised. The decision, jointly taken by the federal and state finance ministers, was announced in a press meet by Finance Minister Arun Jaitley, just days ahead of the annual budget 2018-19. The council is also working on simplifying the process of GST return filing, he said. GST rates will not applicable on vibhuti (sacred ash), parts and accessories for manufacture of hearing aids and de-oiled rice bran. The new GST rates will be effective from January 25, 2018.
Here's the complete list of new GST rates:
List of goods in which GST reduced from 28 per cent to 18 per cent
1. Buses, for use in public transport, which exclusively run on bio-fuels.
2. Old and used motor vehicles (medium and large cars and SUVs)
List of goods in which GST reduced from 28 per cent to 12 per cent
All types of old and used motors vehicles (other than medium and large cars and SUVs)
List of goods in which GST reduced from 18 per cent to 12 per cent
1. Sugar boiled confectionary
2. Sugar boiled confectionary
3. Fertilizer grade Phosphoric acid
5. 12 types of bio-pesticides
6. Bamboo wood building joinery
7. Drip irrigation system including laterals, sprinklers
8. Mechanical Sprayer
List of goods in which GST reduced from 18 per cent to 5 per cent
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
List of goods in which GST reduced from 12 per cent to 5 per cent
Velvet fabric (with no refund of un-utilised input tax credit)
List of goods in which GST reduced from 3 per cent to 0.25 per cent:
Diamonds and precious stones
Here's the list of goods that got expensive:
List of goods in which GST increased from 12 per cent to 18 per cent
Cigarette filter rods
List of goods in which GST increased from nil to 5 per cent
Rice bran (other than de-oiled rice bran)
Apart from this, changes have been recommended in compensation cess on certain goods and Integrated Goods and Service Tax (IGST) rates.
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