GST Council Cuts Rates: TV, Fridge, Washing Machines
To Get Cheaper, Here Are All The Details
So let’s see how many common utility items like TVs and washing machines and refrigerators are priced. GST Council has given the bonus to consumers by the monsoon GST.
At the 28th meeting chaired by Finance Minister Piyush Goyal, the GST Council has decided to reduce the tax rates on many common uses like TVs, washing machines and refrigerators. Apart from this, the Council is now sanitary napkin under the exemption category. The reduction in rates is estimated that the cost of government exchequer is about Rs 7,000 crore.
Earlier, the council had amended the tax rates on 29 items in January. In November 2017, the council had taken the largest rate rational decision when more than 200 items were brought in the bracket less than 28%, 18% and 12%.
All important decisions have been taken today in the 28th GST Council meeting:
- 17 Rates for white goods – Washing machines, air conditioners, refrigerators, TVs, video games, vacuum cleaners, trailers, juices mixers, grinders, shower and hairdryers, water coolers, water heaters, lithium-ion batteries, electric iron – 10 percent The reduction was reduced from 28 per cent to 18 per cent.
- The GST rate of 18% will be applied to 68cm (27 in.) Sized TVs
- Sanitary napkins are cheaper as it is placed under the discount category. Napkins were made 12 percent earlier.
- Simple return filing process approved. Instead of monthly filing, Quarterly Returns for a turnover of up to 5 crore rupees. However, tax payments will be monthly. This will benefit about 93% of traders and small businesses. Exemption limit for traders from Assam, Arunachal Pradesh, Himachal Pradesh, Himalayas, Sikkim increased from 10 lakh to 2 million
- The Council has also approved the process of filing simple returns.
- Hotel for tax on the actual tariff basis on declared tariff
- Paints, rates on wall cyst and decreased by 28 percent to 18 percent
- Typically used tax is levied on tax of Rs 1,000 and tax is levied on 5%
- For oil companies, ethanol oil will be taxed by 18 percent on 5 percent.
- GST rates for all leather goods dropped from 28 percent to 18 percent
- GST rates have decreased by 18% for special purpose vehicles, work trucks, trailers
- Fragrance, toilet spray rates are now under 18 percent slab
- The stones, stones and wood gods are exempted. Rakhi, strong milk was also discarded.
- No decision will be taken on Chinese CES in the next meeting
- GST was placed under 12 percent on the bamboo floor
- Handicraft items will now be taxed at 12 percent
- GST 12% on handbags, jewellery boxes, wooden boxes for painting, glass artworks, stone attempts, decorative frame mirrors, handmade lamps etc.
- Goods and service tax on imported urea decreased by 5%.
- GST Council has approved 46 amendments which will be passed in Parliament.
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