GST council met, removed these items from highest tax bracket

In a crucial decision, the Goods & Services Tax (GST) Council removed seven items from the 28 per cent tax bracket.

In a statement released, the government noted that items including pulleys gear boxes, monitors and TVs (up to 32 inches), digital cameras and video game consoles have been moved from 28 per cent to 18 per cent bracket.

One of the item, parts and accessories for carriages for people with disabilities, have been moved from 28 per cent to 5 per cent tax bracket.

The new GST rates will be effective from January 1, 2019.

To simplify the indirect tax regime, the government moved goods to a reduced GST rate. Only the luxury and sins goods items will remain in the 28 per cent slab now.

However, GST on real estate will be discussed in the next GST Council meeting, the release further said.

The government had said earlier this week that 99% of items can be moved under 18 per cent GST.

GST, the government’s biggest tax reform, sets rates from 28 per cent to 5 per cent on most items, replacing an array of central and state duties.

Back to top button
%d bloggers like this: