The 25th GST Council meeting took place yesterday, the 18th January 2018. And the council had slashed down the rates of certain items.
The Goods and Services Tax (GST) Council on Thursday decided to slash rates on 29 items, mainly handicrafts, to 0%, according to Uttarakhand Finance Minister Prakash Pant.
He also said no decision has been taken on simplification of GST return filing.
“After 10 days, another meeting will be held through video-conferencing. The issue will be discussed then,” Pant said coming out of the ongoing 25th GST Council meeting here.
The cut on taxes on the 29 items comes as good news for consumers. Following is what is cheaper now:
The Council cut GST rate on second-hand medium and large cars and SUVs from 28% to 18%and on other old and used motor vehicles to 12%.
READ ALSO: 25th GST meeting to be conducted by Finance Minister today
Tax on diamonds and precious stones was slashed to 0.25% from current 3%.
While tax rate for bio-diesel was slashed to 12% from 18%, that for public transport buses run on environment-friendly bio-fuels has been reduced to 18% from 28% previously.
Tax rate on irrigation equipment, sugar boiled confectionery, drinking water packed in 20-litre bottles, fertiliser grade phosphoric acid, tamarind kernel power, mehendi paste in cones, LPG supplied by private distributors, articles of straw, velvet fabric and rice bran was also cut.
The new rates would be effective from January 25.
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