Home News Business The List of Over 200 Items Now Taxed at Lower Rates Under GST
The List of Over 200 Items Now Taxed at Lower Rates Under GST
GST Council decides to cut rates on items across all tax slabs, only 50 items now remain in the highest tax slab.
BloombergQuint
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An employee changes the price tag of a product at the Big Bazaar retail store.
(Photo: Reuters)
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The Goods and Services Tax (GST) Council on Thursday, 16 November, decided to cut the rate of tax on 211 items across all tax slabs, in an effort to rationalise rates under the new indirect tax regime.
...following the 23rd meeting of the GST Council, rates on 178 items in the 28 percent slab were reduced to 18 percent.
These include mass consumption products like chocolate, chewing gum, aftershave, beauty products, powder, detergent, and marble. Only 50 items now remain in the highest tax slab.
The Council Also Decided on the Following Changes
Rates on two items to be reduced from 18 percent to 12 percent. These include wet grinders and armoured fighting vehicles.
Rates on 13 items reduced from 18 percent to 12 percent.
Rates on six items reduced from 18 percent to 5 percent.
Rates on eight items reduced from 12 percent to 5 percent.
Rates on six items reduced from 5 percent to zero.
The new rates will apply from November 15.
Cheer for Customers
Consumer goods companies such as Hindustan Unilever and Mondelez India said they will pass on the benefits of the lower taxes to consumers.
Tax rate on furniture was lowered from 28 percent to 18 percent. Online furniture marketplace Pepperfry said it will pass on the benefit to consumers.
I think it is a great move, especially from the standpoint of MSME (small businesses) who contribute the bulk of furniture manufacturing in India. Such a move will help make their businesses more competitive and therefore enable business in the furniture space to thrive.
Ambareesh Murthy, founder, Pepperfry
List of 211 Items for Which the Council Cut Rates Today