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Sahil Bhalla posted an update 7 years, 6 months ago
*Decisions at GST Council Meeting Yesterday*
1) Focused mainly on fitment of goods under slabs, discussed and approved:
2) 7 GST rules while legal committee is looking at remaining 2 (Return & Transition) Rules.
3) Tariffs for about 1211 items was finalised
4) 81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
5) Common man items have gone into 12% & 18% slab.
6) Indians sweets or mithai will fall under 5% slab.
7) Coal to be taxed at 5% against 11.69% currently.
8) All raw food items, including food grains to be exempt.
9) Processed food of daily needs to be in the 5% slab.
10) Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
11) Tooth paste, hair oil will be taxed at 18% against 28% currently.
12) In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%
*Note*:GST Council will meet again tomorrow and discuss the rate slab for important goods like gold, beedi, etc & Services tax rates.