6:59 AM
The Goods
and Services Tax (GST) Council revised the rates of 66 items. Finance Minister Arun Jaitley made the announcement after the
council's 16th meeting. Under the revised tax
rates,
insulin, school bags, printers and agarbattis are set to get cheaper.
GST Council has reduced tax rates of 66 items as against representations received for 133 items. GST on insulin, agarbatti lowered to 5%, school bags to attract tax of 28%," Jaitley said.
GST on movie tickets under Rs 100 has been slashed to 18%, while tickets priced above Rs 100 will be taxed at 28% tax, Jaitley said. The Council has also lowered tax rate on computer printers from 28% to 18% and on children's drawing books to nil from 12%.
GST Council has reduced tax rates of 66 items as against representations received for 133 items. GST on insulin, agarbatti lowered to 5%, school bags to attract tax of 28%," Jaitley said.
GST on movie tickets under Rs 100 has been slashed to 18%, while tickets priced above Rs 100 will be taxed at 28% tax, Jaitley said. The Council has also lowered tax rate on computer printers from 28% to 18% and on children's drawing books to nil from 12%.
The finance minister added that under the GST, traders, manufacturers and restaurants can avail the composition scheme, against Rs 50 lakh earlier with turnover of up to Rs 75 lakh.
Kitchen use items like pickles, mustard sauce and morabba will attract 12% GST, as against 18% proposed earlier, tax rates on cashew nuts have been cut to 5% from 12% also.
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