GST Council meet: Tax rates on 178 goods lowered, only 50 items now under 28% slab
Chocolate, chewing gum, aftershave, beauty products, powder, detergent and marble will now be levied 18% under the GST.
The Goods and Services Tax Council on Friday lowered tax rates on 178 items from 28% to 18%, Finance Minister Arun Jaitley said after the council’s 23rd meeting in Guwahati. The panel also decided to move 13 items from the 18% tax slab to 12%, another six from 18% to 5% and eight items from 12% to the 5% tax slab. Six other items have been moved from the 5% slab to nil.
Most goods under the 28% slab earlier, except demerit goods, will now be taxed lower, leaving just 50 items in the highest slab. Chocolate, chewing gum, aftershave, beauty products, powder, detergent and marble will now be levied 18% under the GST.
Eating out will also become cheaper, as all restaurants – whether air-conditioned or not – will charge GST of 5%.
The changes will come into effect from November 15, Jaitley said.
178 items moved from 28% to 18% #GST slab, changes will be applicable from 15 (November): FM Arun Jaitley after 23rd #GSTCouncilMeet pic.twitter.com/jbmTacnfeD
— ANI (@ANI) November 10, 2017
13 items moved from 18% to 12%, 6 items from 18% to 5%, 8 items from 12% to 5%, 6 items from 5% to nil: FM Arun Jaitley after 23rd #GSTCouncilMeet
— ANI (@ANI) November 10, 2017
All restaurants in the country to be levied GST of 5%, no ITC benefit to any restaurant: FM Arun Jaitley after 23rd #GSTCouncilMeet pic.twitter.com/EBviOSJhlb
— ANI (@ANI) November 10, 2017
Chairing 23rd meeting of the GST Council in Guwahati, November 10, 2017 pic.twitter.com/8GigvDtlaW
— Arun Jaitley (@arunjaitley) November 10, 2017
The GST Council has been meeting every month since the new tax regime came into effect on July 1. The GST Council is headed by Finance Minister Arun Jaitley.