GST Council reduces tax rates on more than 50 items

GST rate cut Complete list of items that got cheaper including refigerator cosmetics and other things

Modi govt slashes GST rate on several products: Here're details

India's interim finance minister, Piyush Goyal, said today: 'I am sure all mothers and sisters will be very happy to hear that sanitary pads are now 100 percent exempt from tax'. While the changes will offer relief to the middle-income households and small businesses, sources say the government stands to lose revenue to the tune of Rs 15,000 crore.

Or, as Jaitley said, "If you did away with that 12% and brought that down, you probably won't have any Indian manufacturer left, it will be only the Chinese products which will be sold in the Indian market". In its last meeting, the Council had approved the basic principles of GST return design and directed the law committee to finalise the return formats and changes in law.

However, that raincloud is something we can only deal with once the move comes into effect from 27 July.

After a year-long campaign, the GST on sanitary napkins has finally been abolished.

The highest tax bracket of 28 per cent has been rationalised further with rates on daily-use items like perfumes, cosmetics, toiletries, hair dryers, shavers, mixer grinder, vacuum cleaners, lithium ion batteries, being lowered to 18 per cent.

However, the decision to raise quarterly filing of returns from Rs 1.5 crore to Rs 5 crore annual turnover, may not actually materialise, fear tax experts.

While the GST rate on sanitary pads was cut from 12% to zero, rakhis were exempted from the tax as well, Finance Minister Piyush Goyal told reporters here. They will have to, however, pay taxes monthly.

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After the latest rounds of rate cuts by the GST Council on July 21, only 35 items are left in the 28 per cent tax slab, an official said.

As per NDTV reports, lawmaker Sushmita Dev had launched a petition to demand a reduction or total removal of taxes on pads, citing that about 70 per cent of women in the country could not afford them.

All traders, excluding small enterprises and a few exceptions, will now file returns on a monthly basis, the release said.

During the meeting, the council also made certain amendments to the GST Act including raising the upper limit of turnover for opting for composition scheme from Rs 1 crore to Rs 1.5 crore.

A Committee led by Bihar Deputy Chief Minister Sushil Modi will look into ways to promote digital payments using these modes.

Taxpayers who are yet to register under the GST have been given a final extension till August 31. With the stabilisation of revenue, the rate on many items were gradually reduced.

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