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GST Council Cuts Rate On Over 175 Items Taxed At 28 Per Cent To 18 Per Cent
An Indian consumer goods trader shows letters GST representing ‘goods and services tax’. (NOAH SEELAM/AFP/Getty Images)
The Goods and Services Tax (GST) Council today slashed rates on more than 175 items originally taxed at 28 per cent to 18 per cent in one of the biggest tax reductions since the new system kicked-in, Bloomberg has reported.
According to Money Control, the council during its meeting in Guwahati decided to keep only 50 luxury (and goods like tobacco) in the highest slab.
Bihar Deputy Chief Minister Sushil Kumar Modi, who heads the panel on the Goods and Services Tax Network (GSTN), had said that rates on over 200 daily-use items would be brought down from 28 per cent to 18 per cent.
“With a view to giving further relief to small taxpayers (businessmen) and consumers at large, it is expected that tax rates will be brought down from current 28 per cent to 18 per cent on over 200 items of daily use,” he had said before flying to Guwahati to participate in the GST Council meeting.
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