The 28th meeting of GST Council was held in New Delhi. It reduced tax rates on more than 50 items and exempted sanitary napkins, rakhis, stone, marble, wooden deities and Saal leaves from GST. Finance Minister Piyush Goyal chaired the 28th GST Council meeting in New Delhi.
Highlights On the changes that have been made in the meeting:
1. GST on footwear priced below 1,000 rupees will attract 5% rate. GST on imported urea and ethanol sold to oil companies for blending with petrol and diesel has been reduced to 5%.
2. GST rate on handbags, jewellery box, wooden box for paintings, artware of glass, stone endeavour, ornamental framed mirrors and handmade lamps were reduced to 12%.
3. Lithium-ion batteries, vacuum cleaners, food grinders, mixers, storage water heaters, hair dryers, hand dryers, paint, varnishes, water cooler, milk cooler, ice cream coolers, perfumes, toilet sprays and toilet preparation have been brought to 18 from 28% slab.
4. GST council has cleared 46 amendments which will be passed in Parliament. The exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh and Sikkim has been increased from 10 lakh to 20 lakh rupees.
Source- DD News
Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
- GST is an Indirect Tax which has replaced many Indirect Taxes in India.
- The Goods and Service Tax Act was passed in the Parliament on 29th March 2017.
- The Act came into effect on 1st July 2017.