FM Jaitley: GST Council lowers tax rates for 66 items
Tax rates on certain kitchen items like pickles and mustard sauce, as well as movie tickets costing up to Rs 100 have been lowered as the Centre and states reduced levies on 66 items.
New Delhi: Tax rates on certain kitchen items like pickles and mustard sauce, as well as movie tickets costing up to Rs 100 have been lowered as the Centre and states today reduced levies on 66 items.
Movie tickets costing Rs 100 and below will now attract 18 per cent tax, as against 28 per cent proposed earlier, while those above Rs 100 will continue to attract 28 per cent GST.
Kitchen use items like pickles, mustard sauce and morabba will attract 12 per cent GST, as against 18 per cent proposed earlier. Also, tax rates on cashew nuts have been cut to 5 per cent from 12 per cent.
The GST Council also decided that traders, manufacturers and restaurant owners with turnover of up to Rs 75 lakh can opt for a composition scheme and pay taxes at the rate of 1, 2, and 5 per cent respectively.
The Council also lowered GST rates on children's drawing books to nil from 12 per cent. Computer printers will attract 18 per cent tax as against 28 per cent earlier.
GST on insulin and agarbatti has also been lowered to 5 per cent, while school bags will attract tax of 18 per cent.
Tax rate on kajal has been lowered to 18 per cent from 28 per cent.
"GST Council has reduced tax rates of 66 items as against representations received for 133 items," Finance Minister Arun Jaitley told reporters here after the 16th meeting of the GST Council.
Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.
On the issue of review of GST rate on hybrid cars, it was decided that the council will take it up after considering states' comments on a detailed paper issued on the matter earlier.