Tuesday, 24 July 2018

GST Rate Cut - These Items have Become Cheaper

GST Council has now reduced tax rates on over 50 items including small televisions and lithium-ion batteries, which would now be taxed at 18 percent, down from the current 28 percent.

Goods and Services Tax (GST) Council also
exempted GST on other products. These changes will be effective from July 27 onward, Finance Minister Piyush Goyal told media after the 28th meeting of the GST Council.

28% GST on Items Like :-

17 major white goods have been exempted from 28% GST, and reduced to 18% GST bracket: Washing machine, Refrigerators, TV, Video games, Vacuum cleaners, Trailers, Juicer mixer, Grinders, Shavers & Hair driers, water cooler, water heaters, Lithium iron batteries, electric iron. Note here, and 18% GST will be applied to all TVs which till 68 cms or 27 inch in size.

Besides GST on paints, wall putty and Varnish have also been reduced to 18% from 28%.

GST on all leather items and scents, toilet spray have been reduced to 18% from 28%.

Special purpose vehicles, work truck, trailers will now carry GST of 18%, instead of 28%. This means transportation cost can come down in some months.

GST Cuts for these Items :-

Sanitary napkins were charges at 12% GST earlier. Now, there shall be no GST on this item. This was a demand since long time, to remove GST on sanitary napkins, which has now been approved.

Common use footwars till Rs 1000 shall be now taxed at 5%

Ethanol oil for oil companies will be now charged at 5%, instead of 18% earlier.

No GST on Rakhee. Marbles, stone and wood deitie now completely exempted from GST

Handicraft items, bamboo flooring will be now taxed at 12% GST, which was 18% earlier.

Similarly, GST on handbags, jewellery box, wooden box for paintings, artware of glass, stone endeavour, ornamental framed mirrors, handmade lamps etc reduced to 12%, from 18% earlier.

Imported urea will now be taxed at just 5%, instead of 12% earlier.

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5 comments:

  1. Dear GST Council,

    It is a good decision to improve over business fields become normal. To improve our financial flow up, to think over to whether we can reduce the price hike of Petrol and diesel products, which badly affect the Common People's day today life.

    Regards,
    Mr.Santhosh Nair
    for Chetna Engg Co
    Date. 24.07.2018

    ReplyDelete
  2. Please clarify that on Air conditioner what is GST rate in present and what on AC GST rate is reduced or going to increase or it will same?

    ReplyDelete
  3. excellent move. what about marble stones used for flooring of residential houses

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  4. Comedowness of transportation cost will help to the common masses

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  5. It is good decision by the GST council. Huge life & non-life insurers & policy Holders demanding reduce the GST rates on premiums. Which is dearer to the middle & lower income people. Minitruck's & Passenger Auto Rickshaw's owners are not able to bear the same. Muralikrishna Pandray. Insurance. ADONI. Mail id:sherainsurance@gmail.com

    ReplyDelete