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GST Council reduces Tax Rates on 66 Items
By: Tupaki Desk | 12 Jun 2017 8:42 AM GMT
The Goods and Services Tax Council took the decision to lower the tax rates on 66 Items which include Movie Tickets costing Rs 100 or Less, Cashew Nuts, Insulin, Packaged Foods, School Bags, Colouring Books used by Children, Agarbatti, Cutlery and few Tractor Components.
Tax Rate on Cashew Nuts and Agarbatti has been reduced from 12% to 5%
Tax Rate on Packaged Products such as Sauces and Pickles were brought down from 18% to 12%
Tax Rate on School Bags and Tractor Components brought down to 18% from 28%
For Movie Tickets costing Rs 100 or less, Tax Rate has been reduced to 18% from 28%. Tickets costing above Rs 100 will attract High Tax Rate of Rs 28%.
Workers in leather, diamond and textile industries will be charged 5% tax instead of 18%.
Zero Percent Tax on Children's Colouring Books
Finance Minister Arun Jaitley explained GST Council reduced tax rates of 66 items out of total 133 representations seeking reconsideration of tax burden. The next meeting of GST Council is on June 18th.
Tax Rate on Cashew Nuts and Agarbatti has been reduced from 12% to 5%
Tax Rate on Packaged Products such as Sauces and Pickles were brought down from 18% to 12%
Tax Rate on School Bags and Tractor Components brought down to 18% from 28%
For Movie Tickets costing Rs 100 or less, Tax Rate has been reduced to 18% from 28%. Tickets costing above Rs 100 will attract High Tax Rate of Rs 28%.
Workers in leather, diamond and textile industries will be charged 5% tax instead of 18%.
Zero Percent Tax on Children's Colouring Books
Finance Minister Arun Jaitley explained GST Council reduced tax rates of 66 items out of total 133 representations seeking reconsideration of tax burden. The next meeting of GST Council is on June 18th.
