The Goods and Service Tax (GST) Council meet that was held in the national capital on Friday, Finance Minister Arun Jaitley, reviewed the rate of tax under GST on as many as 27 goods and services, mostly lowering the tax on the items of common use.
"After receiving GST return for July and August, we have come to know of the experiences and transitions faced by traders of various kinds. Traders and states have expressed their concerns to us. Small scale enterprises and exports were two major concerns among them," said Finance Minister Arun Jaitley.
Here’s a list of the items on which the government cut rates on Friday (Oct 6):
In the next meeting of the GST Council in Guwahati on November 9-10, more relief can be expected in goods and services tax (GST) after a spate of cuts at the last two meets. The cuts will help rein in any inflationary pressures in the new indirect tax regime.
Following a decision taken at the GST Council meet on October 6, a group of ministers (GoM) has been set up under Assam finance minister Himanta Biswa Sarma to make the composition scheme more attractive and also revisit GST rates on restaurants. The GoM will submit its report within 2 weeks.
Meanwhile, revenue secretary Hasmukh Adhia said on Sunday that an estimated Rs 67,000 crore had accumulated as integrated GST (IGST) over July-August. Of this, only about Rs 5,000-10,000 crore will be due as refunds to exporters.