12th June’2017/ Prag News Desk: Union Finance Minister Arun Jaitley announced on the 16th meeting of the Goods and Services Tax (GST) Council on Sunday that the rates of 66 items out of the 133 to be revised. These revision had been received seeking change from the four-slab indirect tax structure.
As the follow-up for the 15th meeting of the council, decisions remained on the six remaining items – including gold and beedi. At the Srinagar meeting the GST had to be decided upon 1,211 items with probable rate adjustments.
The Fianance Minister added that “One was to maintain equivalence to the existing taxes, and in some other cases the fitment had breached this equivalence principle. In others, the reduction is required because of the changing nature of the economy and changes that have occurred in consumer preference,”.
Elaborating on some of the reductions, Jaitley said the tax on cashew has been cut from 12 to 5 per cent. Packaged foods like food and vegetable products such as pickles, chutnies, ketchup and instant food mixes, among others, which historically were taxed at 18 per cent, are going to be taxed at 12 per cent as these are items used by common people, he said.
These lowering GST goods includes cutlery cut down from 18 to 12 per cent, computer printers will be lowered from 28 to 18 per cent. Insulin and agarbatti will go down from 12 to 5 per cent. Among other goods, are school bags have been lowered from 28 to 18 per cent, while exercise books will come down from 18 to 12 per cent.