GST Council meet begins: What may get cheaper?1 min read . Updated: 22 Dec 2018, 04:23 PM IST
GST Council meets today: Electronic items like air conditioners, power banks, computer monitors and dish washing machines will be cheaper as the GST on these products is likely to be pared, said a PTI report
The Goods and Services Tax (GST) Council is holding its 31st meeting on Saturday. From air conditioners to cement, a range of products is likely to become cheaper as the Council is planning to move items to lower tax slabs.
Earlier, Prime Minister Narendra Modi had announced that the 99% of items in the GST regime will come into the 18% or lower tax brackets.
Currently, the GST has five tax slabs: 0%, 8%, 12%, 18% and 28%. While the daily essential items attract nil tax, the luxury and sin items and some white goods fall in the highest tax bracket, which is 28%.
The overall focus of the December 22 GST Council meeting will be to lessen the tax GST burden on the common man, an official told PTI.
What to expect from the GST Council meet on Saturday:
1) There are 34 goods in the highest tax bracket of 28 per cent which includes air conditioners, dish washing machines, set-top boxes for TVs, monitors and projectors, tyres and construction items like cement. The GST Council is likely to reduce the tax rates on cement and tyres to 18% from 28%, according to PTI.
2) Electronic items like air conditioners, power banks, computer monitors and dish washing machines will be cheaper as the GST on these products is likely to be pared, said a PTI report.
3) In order to promote the Central Government’s affordable housing scheme, the GST Council is likely to lower the 12% tax rate on housing to 8% from 12%, according to a report in the Economic Times.
4) Items that are likely to be retained in the 28% per cent slab include aerated drinks, cigarettes, bidi, tobacco products, pan masala, smoking pipes, automobiles, aircraft, yachts, revolvers and pistols PTI reported.
5) More simplification of Form GSTR 9 is also on cards, according to PTI.
With inputs from agency