GST rates reduced on 29 goods, 53 services

GST rates reduced on 29 goods, 53 services

After the conclusion of 25th GST council meeting held at Vigyan Bhavan in New Delhi ended, it was decided to slash GST tax rates on twenty-nine(29) items and fifty-three(53) category as a correction tuning measure. Finance Minister Arun Jaitley, told the media that the council has cut down the tax rate on several goods and services. On sharing the media post on his twitter account, Arun Jaitley twitted, “Addressing a pre-budget consultative meeting with States’ Finance Ministers, January 18, 2018.”

Ongoing brief, Finance Minister Arun Jaitley, announced that the tax rates on twenty-nine(29) items and fifty-three(53) category will cut down into lower categories. Also, he confirmed that no decision regarding simplification of GST return filling has been taken. The GST council has put 0% tax on handicraft items. The new rates will come in power on the eve of Republic day, i.e January 25th, 2018. While, inclusion on real estate, electricity duty, and petroleum products did not appear in this meeting as they are expected in the next meeting of the GST Council, said by Finance Minister Arun Jaitley in the press conference after the conclusion of the meeting in New Delhi.

However, he informed the public about the next meeting with the GST council, that will be held after ten days of the long period, via the mode of video-conferencing. And the issues to be discussed later in the meeting are expected to be the filling return, for small and medium enterprises which will be talked in full length, which will be decided in the meeting also it will be the major highlight of the meeting. On a current basis, a total of three return form i.e. GSTR1, GSTR2 and GSTR3 s are filled by taxpayers every monthFinance Minister Arun Jaitley shared the meeting pictures with the council members on his twitter account, please have a look.

About the author

Ria Maheshwari

Leave a Comment