GST Council meet today and the Finance Minister Arun Jaitley stated that the GST council had
received 133 representations from the industry on GST rates and the Council has reduced rates
for about 66 items.
Traders, manufacturers and restaurants with a turnover of up to Rs 75 lakh can avail the composition scheme, against Rs 50 lakh earlier, the Finance Minister said.
The reductions, he said, were based on two major principles: maintaining equivalence and the change in the utilisation behaviour.
Here are the key revised rates:
- There would be two categories of GST rates on cinema, 28% in case tickets above Rs.100 and 18% in case of tickets up to Rs.100
- GST rate on printers cut to 18% from the 28% that was decided earlier
- Packaged food, including some fruits and vegetables, pickles, toppings, instant food, sauces revised from 18% to 12%
- GST rate on children’s colouring books cut to nil from 12%
- GST on insulin, agarbattis lowered to 5% from 12%
- GST on school bags to attract tax of 18% as compared to the 28% earlier
- GST rate on insulin cut from 12 to 5%
- Cashew revised from 12% to 5%
- Dental Wax from 28% to 8%
- Plastic Beads from 28% to 18%
- Plastic Tarpolin from 28% to 18%
- Pre Cast concrete pipes 28% to 18%
- Cutlery from 18% to 12%
- Tractor component from 28% to 18%