Finance Minister Arun Jaitley on Saturday announced that the GST on a number of items have been reduced, a few days after PM Narenda Modi had promised to do so during his address at the Republic Summit 2018.
After holding the 31st GST council, Arun Jaitley addressed the media, the GST on 40 items have been slashed, and that most items used by common man has been reduced.
GST will be 5% on the following commodities and services:
GST wil be 12% for the following commodities and services:
GST will be 18% for the following commodities and services:
"The 31st GST Council meeting has approved proposal to form a 7-Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the states. The study would include the underlying reasons for deviation from the revenue collection targets vis-a-vis original assumptions discussed during the design of GST system, its implementation and related structural issues," said the Finance Minister while announcing the changes in the GST.
This mega announcement comes only four days after PM Modi had addressed the inaugural Republic Summit, wherein he informed that his government will soon bring a situation where 99% of goods and services will be bought under tax of 18% in India.
"We have reached a point where 99% things will be brought under 18% GST charges. We are heading towards a direction where only minimum items will be under the slab of more than 18% which all also be only luxurious products. I will make sure that GST will be made simple or easier. I and my government will ensure that we see and fulfill bigger dreams," said the Prime Minister during his address at Republic Summit.