Arun Jaitley said the GST Council has decided to reduce the tax on 27 items. 22 GST Council meeting was held on Friday made sensational decisions on the tax to provide relief to small firms and exporters. The latest news announcement comes after three months implementation of GST. The tax reduction on 27 items is the major point in this meeting. GST gives relief to small traders. Arun Jaitley said we gave relief to small, medium businesses and traders by reducing tax and payments.
The GST council decided to give the option to taxpayers to avail of the so-called Composition Scheme if their turnover is less than Rs 1 crore. GST panel decided that exporters should pay the tax 0.1%. The Council decided to clear all tax refund claims of exporters for July by 10 October and for August by 18 October. E-way bill to be implemented from April 1, said the finance minister.
Reduced GST rates on different items:
GST rate reduced from 12 to 5 percent on unbranded ayurvedic medicines, unbranded namkeen. GST on man-made yarn will be reduced from 18 to 12 percent. GST rate on marble and granite on some stationery items, diesel engine parts has been reduced to 18% from 28%.
GST on food packets which given to children reduced to 5 percent from 12%. GST onReal Zari reduced from 12 percent to 5 percent. The council decided to cancel the GST notification on mandatory of Aadhar on buying gold jewellery. GST on Khakra and plain chapati/roti reduced from 12 percent to 5 percent.
GST on waste, parings or scrap,Plastic waste, parings or scrap reduced from 18 percent to 5 percent. Biomass briquettes will be reduced to 5% from 18%.
All synthetic filament yarn, such as nylon, polyester, acrylic, all artificial filament yarn, such as viscose rayon, Cuprammonium reduced from 18 percent to 12 percent.
Plain Shaft Bearings will be reduced to 18 percent from 28 percent. Poster Colour has been reduced from 28 percent to 18 percent.