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GST Council meet: Here's what will become cheaper for you
BY ET ONLINE | UPDATED: DEC 22, 2018, 11.44 PM IST Post a Comment

NEW DELHI: Finance Minister Arun Jaitley on Saturday said that six items have been
removed from the 28 per cent tax bracket under the Goods and Services Tax (GST)
regime.

There were 34 items in the 28 per cent tax bracket which included luxury and 'sin goods'
till now. However, the GST Council in its meeting on Saturday decided to take out 6 items
from this list. Today's GST rate reduction will have an overall impact on revenue of Rs
5500 crore, said Jaitley.

New return filing system will be started on trial basis from April 1, to be implemented
mandatorily by July 1. Due date for GST Annual Return and Audit Report extended till
Fitment panel recommendations have been
30th June 2019. considered in today's meet, said Arun Jaitley

Finance Minister, Arun Jaitley said that the recommendations by the fitment panel have
Related
been considered in today's meet.
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becomes cheap and what not

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Here are the key points:

* 28 items have been kept in 28 per cent slabs, which are mainly luxury and sin products. Rates have been reduced for 22 items under
the 28 per cent slab.

* GST rate on special flights for pilgrims lowered for economy at 5 percent and business class at 12 percent.

* The GST Council has also decided to slash tax rate on parts and accessories for the carriages for disabled persons from 28 per cent
to 5 per cent.

* The Council has decided that 5 per cent would be levied on renewable energy devices and parts for their manufacture.

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