GST: Rate On Three-Fourths Of Items Taxed At 28% Cut To 18%

Mangalore Today News Network

Nov 10, 2017: The GST Council decided unanimously that only be sin goods should remain in the 28 percent tax bracket Sushil Modi told reporters. He sees a revenue loss of Rs 20,000 crore after the list of goods that remain in the highest tax bracket were pruned to less than one-fourth.

 

The Goods and Services Tax Council today lowered rates on more than three-quarters of 227 products originally taxed at the highest 28 percent.

Rates on 175 items were brought to 18 percent, Bihar Deputy Chief Minister Sushil Modi told reporters in Guwahati where the council is meeting today. These include mass consumption products like chocolate, chewing gum, aftershave, beauty products, powder, detergent and marble.

Only 52 remain in the highest tax slab. The council unanimously retained air conditioners, washing machines, paints and cement in the 28 percent bracket, Modi said.

Courtesy: Yahoo.com