Activity

*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.