Goods and Service Tax (GST) Council today decided to cut off tax rates on some of the consumer goods. these goods include televisions, air conditioners, refrigerators, washing machines, video games, trailers and inverters. These rates will come into effect from July 27, 2018 onwards .
Here's the list of all the decisions taken by the Council on 28th GST Council meet :
Rates for 17 consumer goods including washing machines, refrigerators, TVs, video
games, juicers, mixer, grinders, shavers and hair dryers, water
coolers, water heaters, vacuum cleaners, trailers, lithium-ion batteries and electric iron
are brought down from 28 percent to 18 percent.Knitted caps or otherwise under Rs 1,000/Unit now at 5 percent.
Small handicraft exempted under GST.
GST rate of 18 percent will be applicable on TVs up to 68 cm (27 inch) in size.
Rates on paints, wall putty and varnish down from 28 percent to 18 percent.
Actual bill of hotel stay above Rs 7,500 will be 28 percent GST. Actual hotel bill below Rs
7,500 will, however, be only 18 percent GST.Ethanol for oil companies now under 5 percent slab.
Footwear under Rs 1,000 now under 5 percent slab.
Fortified milk will be exempted from GST.
Perfumes, toilet spray now under 18 percent slab.
Simpler return filing process has been approved. Quarterly returns for business turnover
up to Rs 5 crore instead of monthly filings. However, payment of tax will be monthly
based. Nearly 93 percent traders and small businesses will get benefited from this.
Exemption limit for traders in Arunachal Pradesh, Himalaya, Himachal Pradesh,
Sikkim, Assam has been increased from Rs 10 lakh to Rs 20 lakh.Deities made of stone, marble and wood exempted under GST.
Rakhis exempted under GST.
GST on handbags, jewelry box, wooden box for paintings, art-ware of glass, stone
endeavor, ornamental framed mirrors, handmade lamps etc have been reduced to 12
percent.No decision on sugar cess, will be decided in next meeting.
The GST Council's next meeting will be held on August 4 to discuss the problems faced by small traders and businesses and entrepreneurship. The meeting will be focusing completely on the MSME sector.