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GST council meeting held on 11th June 2017

Outcome of 16th GST council meeting held on 11th June 2017.

Addressing to Press after the 16th GST Council meeting held on 11th Jun 2017, Mr. FM – Arun Jaitley announced that after getting various recommendation and suggestions from business houses and associations the rates of 66 items have been revised out of 133 items recommended.

Few items listed below:

Products Old Rate % New Rate %
Packaged Food 18 12
Agarbatti 12 5
Dental Wax 28 8
Insulin 12 5
Plastic Beads 28 18
Plastic Tarpaulin 28 18
School Bags 28 18
Coloring Books 18 12
Exercise Books 18 12
Cutlery 18 12
Concrete Pipes 28 18
Tractors Components 28 18
Computer Printer 28 18
Cinema Ticket < 100 28 18
Cashew Nuts 12 5
Drawing Books 12 Nil
Kajal 28 18
Cinema Ticket > 100 28 28
And many more

Note: Packaged Food like instant food, pickles,vegetables,fruits,sauces,toppings,ketchup etc.

One more relief announced by GST Council that Under the GST manufacturers, traders, restaurants etc with turnover of up to Rs. 75 lakh will have the option to choose ” Composition scheme ” instead of earlier limit Rs. 50 lakh. Taxpayers have to file summarized returns on quarterly basis, instead of 3 monthly returns.

He also said that agreed rate of 18% on telecom sector will remain unchanged.

The tax rate of Sanitary napkins remain unchanged.

Workers in industries like textile, diamond processing etc, where the workers take the work home, 18% tax that is now being charged will be fixed at 5%.

Anti-profiteering ” rules has been discussed. An ‘anti-profiteering’ clause has been provided in the Centre GST (CGST) and State GST (SGST) laws, in order to ensure that business passes on the benefit of reduced tax incidence on goods or services to the consumers.

The next GST council meeting being held on 18th Jun, 2017

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