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Finance Minister Arun Jaitley addressed the nation after an eight-hour long Goods and Services Tax (GST) council meeting that ended on Friday, October 6.
Announcing big relief in the GST regime for exporters and small and medium businesses, Jaitley announced a list of products for which the GST rate has been dramatically reduced. What stands out is the drop in GST rates for khakhra, the famous Gujarati snack, from 12 percent to 5 percent. This comes ahead of the Assembly elections scheduled to be held in Gujarat later this year.
In total, the GST rates of 27 commodities have been reduced. Here are some of the new tax rates:
Other than these products, a group of ministers will also relook the current GST rate of 18 percent on air-conditioned restaurants to bring it down to 12 percent. They will present their recommendations in two weeks.
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