BY ECONOMICTIMES.COM | UPDATED: JUN 03, 2017, 08.37 PM IST
NEW DELHI: The GST Council today decided to tax gold at 3 per cent, footwear below Rs 500 at 5 per cent and biscuits at 18 per cent under the Goods and Services Tax, which will be rolled out from July 1.
The Council, chaired by Finance Minister Arun Jaitley, at its 15th meeting also decided on rates of yarns, agriculture machinery, apparels and rough diamonds among others.
The council, Jaitey said, will again meet on June 11, before the roll out of the new indirect regime.
The all powerful council has also finalised the GST rules regarding transition and return filings.
Jaitley said the council was also apprised of the IT preparedness which is necessary for the successful roll out of the GST.
"GSTN made a detailed presentation on the amount of work done and IT preparedness," he told reporters after the meeting.
Jaitley said footwear costing below Rs 500 will be taxed at 5 per cent, while that above this amount will attract 18 per cent levy. Currently, footwear priced from Rs 500-1,000 attracts 6 per cent excise duty. Besides, states levy VAT on it.
As regards readymade garments, they will attract a levy of 12 per cent. Solar panels will be taxed at 5 per cent under GST.
Tendu leaves and bidis would be taxed at the rate of 18 per cent and 28 per cent respectively, the finance finance minister said, adding that there will be no cess on bidis.
On the other hand, rough diamonds will attract a levy of 0.25 per cent.
For footwear and textiles, Jaitley said that a major concession has been given and the items being used by the common man will be taxed at low rates.
The GST Council discussed the implementation of anti-profiteering clause. The GST Council also cleared the pending rules, including transition provisions and returns, with all the states agreeing to July 1 roll out of the Goods and Services Tax.
Here is the complete updated list:
Gold and rough diamonds do not fall under the current rate slab ambit and will be taxed at 3% and 0.25% respectively.
No tax
Goods
No tax will be imposed on items like Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc.
NEW DELHI: The GST Council today decided to tax gold at 3 per cent, footwear below Rs 500 at 5 per cent and biscuits at 18 per cent under the Goods and Services Tax, which will be rolled out from July 1.
The Council, chaired by Finance Minister Arun Jaitley, at its 15th meeting also decided on rates of yarns, agriculture machinery, apparels and rough diamonds among others.
The council, Jaitey said, will again meet on June 11, before the roll out of the new indirect regime.
The all powerful council has also finalised the GST rules regarding transition and return filings.
Jaitley said the council was also apprised of the IT preparedness which is necessary for the successful roll out of the GST.
"GSTN made a detailed presentation on the amount of work done and IT preparedness," he told reporters after the meeting.
Jaitley said footwear costing below Rs 500 will be taxed at 5 per cent, while that above this amount will attract 18 per cent levy. Currently, footwear priced from Rs 500-1,000 attracts 6 per cent excise duty. Besides, states levy VAT on it.
As regards readymade garments, they will attract a levy of 12 per cent. Solar panels will be taxed at 5 per cent under GST.
Tendu leaves and bidis would be taxed at the rate of 18 per cent and 28 per cent respectively, the finance finance minister said, adding that there will be no cess on bidis.
On the other hand, rough diamonds will attract a levy of 0.25 per cent.
For footwear and textiles, Jaitley said that a major concession has been given and the items being used by the common man will be taxed at low rates.
The GST Council discussed the implementation of anti-profiteering clause. The GST Council also cleared the pending rules, including transition provisions and returns, with all the states agreeing to July 1 roll out of the Goods and Services Tax.
Services
Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST.
5%
Goods
Items such as fish fillet, Apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 %,
Services
Transport services (Railways, air transport), small restraurants will be under the 5% category because their main input is petroleum, which is outside GST ambit.
12%
Goods
Apparel above Rs 1000, frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cellphones will be under 12 % tax slab.
Services
Non-AC hotels, business class air ticket, fertilisers, Work Contracts will fall under 12 per cent GST tax slab
18%
Goods
Most items are under this tax slab which include footwear costing more than Rs 500, Bidi Patta, Biscuits (All catogories), flavoured refined sugar, pasta, cornflakes, pastries and cakes,preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.
Services
AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST.
28%
b
Bidis, chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, will attract 28 % tax - the highest under GST system.
b
5-star hotels, race club betting, cinema will attract tax 28 per cent tax slab under GST
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