The new tax rates will come into effect from July 27. Every state wanted that the rates on these items be lowered for the benefit of middle-income households... The council cut taxes on sanitary pads and fortified baby milk to zero, Goyal said. Tax rate on ethanol has been slashed to 5 per cent from 18 per cent at present.
GST on handmade carpets and handmade textile floor coverings has been reduced from 12 per cent to 5 per cent. Jaitley, and the press release, made the following argument: Before GST, sanitary napkins were effectively taxed at more than 13%, and they had been brought down to 12% under GST.
Other than sanitary napkins, rakhi too has been made GST free.
Experts believe that while prices may fall due to the rate cut, the reduction may not be significant the input tax credit issue may result in manufacturers increasing the overall price of the product. "Money in the hands of all sections of society- the poor, households, women, farmers and senior citizens", Goyal tweeted late night. He said, 100 items will be impacted by today's decision. Finance Minister Piyush Goyal said the modalities of this would be laid out by the GST Network.
"The broad-level reductions could lead to lower tax collections for the next few months, but will lead to volume expansion which could more than make up for the reduction especially as we are headed towards the festive season", he said.
The Council also decided that taxpayers with turnover up to '5 crore will continue to pay monthly tax, but file returns only once a quarter.
Hometown favorite Bryce Harper rallies to win HR Derby
He was nine shy of equalizing as he chatted with Nationals star Max Scherzer, the National League All-Star Game starting pitcher. The Hoskins bats include tributes to Philadelphia, with the Liberty Bell and the "215" on top of the Philly skyline.
Vladimir Putin proud of Russia's hosting of tournament
There were nearly no protests, though four demonstrators barged onto the field during the final and were quickly hauled away. Messi's chance of winning the World Cup may be over, too, with the Barcelona star 35 at the next tournament.
Trump and Putin depart historic Helsinki summit
A wide array of Republican and Democratic lawmakers condemned Trump's position, calling it embarrassing , a disgrace and shameful. The damage inflicted by President Trump's naiveté, egotism, false equivalence, and sympathy for autocrats is hard to calculate.
Apart from the change in taxes on commodities, Piyush Goyal announced a number of measures to simplify tax filing.
This would be a major relief to the small traders across the country. Between Rs 2,500 to below Rs 7,500 GST is levied at 18 per cent and that of Rs 1,000 and below Rs 2,500 it is 12 per cent.
I think the 28 percent tax slab should be done away with. The RCM, which was already on hold till September 2018, is considered as an anti-evasion tool. "The decision was taken by the GST Council in which Congress-led governments are also involved".
This will reduce harassment of transporters, he said.
These amendments will now be placed before Parliament and the legislature of the state and Union territories for carrying out the amendments in the respective GST acts, the minister said.
Earlier, the council had revised tax rates on 29 items in January.