New Delhi: Tax rates for as many as 66 items including kitchen staples like pickles and mustard sauce under the ensuing GST regime have been cut to meet demands from various quarters as the country prepares for rollout of one- nation-one-tax regime in less than three weeks.
Within weeks of the all-powerful GST Council fitting over 1,200 items into one of the 5, 12, 18 and 28 percent tax slabs, there were complaints from various quarters about high tax incidence on various goods and services.
Check out this link to know the complete list of items that have been revised in the 16th GST Council Meeting held on 11th June, 2017.
In a relief to SMEs, the Council also increased the threshold of turnover for businesses which can opt for composition scheme to Rs 75 lakh, from Rs 50 lakh proposed earlier.
Now traders, manufacturers and restaurant owners with turnover below Rs 75 lakh can opt for the composition scheme and pay taxes at 1, 2, and 5 percent rates respectively.
The government aims to roll out GST from July 1 and finance minister Arun Jaitley said the GST Council has completed discussion on most of the issues.
The Council also approved the accounts and record rules for the GST regime and in the next meeting on June 18, it will take up taxes on lottery and e-way bill for discussion.
