Just in: Complete picture of 16th GST Council meeting held on 11th June 2017

The 16th GST Council meeting held today discussed on various industry representations and matter concerning were addressed to curtail any hardship to industry and consumers

The rates were reduced for various items. These reductions were based on two major principles -- maintaining equivalence and the change in the utilisation behavior. 

The rates of 66 items out of 133 under the upcoming GST regime have been revised after getting feedback from industry players. 

Some of the revised tax items, the FM highlighted were: 

* Cashew revised from 12% to 5% 

* Packaged food, including some fruits and vegetables, pickles, toppings, instant food, sauces revised from 18% to 12% 

* Agarbatti revised from 12% to 5% 

* Dental wax revised from 28% to 8% 

* Insulin revised from 12% to 5% 

* Plastic beads revised from 28% to 18% 

* Plastic turpolin  revised from 28% to 18% 

* Exercise books revised from 18% to 12% 

* Coloring books revised from 12% to nil 

* Pre-cast concrete pipes revised from 28% to 18% 

* Cutlery revised from 18% to 12% 

* Tractor components revised from 28% to 18% 

* Computer printers revised from 28% to 18% 

* Another important item on which GST has been reduced was the entertainment tax on cinema. 

Under the GST, there will now be two categories for movie tickets. 

 - For tickets that cost less than Rs 100, a tax of 18% will be levied. 

 - For the tickets costing more than Rs 100, a GST of 28% will be levied.  

* For workers in industries like textile, diamond processing etc, where the workers take the work home, 18% tax that is now being charged will be fixed at 5% because the GST for these sectors have gone down as well. 

* School bags to attract rate of 18% instead of 28%Just in: Complete picture of 16th GST Council meeting held on 11th June 2017 
 

Composition Limit increased to 75 lakhs from 50 Lakhs

Our opinion: 

The GST Council (GSTC) have addressed majority of concerns that were raised by industry. The GSTC should now focus on implementation of GST and launching awareness campaigns aggressively among the taxpayers community.

Learn more with GST EXPLAINED.

Up next: 

The next meeting for the GST Council will be on 18th June 2017 to take up matters like tax on lottery, Electronic Way (e-way) bill etc.

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Source: ET, Twitter, CBEC