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  3. GST Council reduces tax rates on 66 items; movie tickets, packaged foods to get cheaper

GST Council reduces tax rates on 66 items; movie tickets, packaged foods to get cheaper

12 Jun 2017 Evaluate

Ahead of the roll out of the goods and services tax (GST) from July 1, 2017, the all-powerful GST Council headed by Union Finance Minister Arun Jaitley, at its sixteenth meeting has reduced the tax rates of as many as 66 items ranging from the most common packaged foods to school bags, computer printers, tractor components and insulin. A total of 133 representations were made to lower taxes for different categories of goods and commodities.

Following the revised tax rates, movie tickets costing Rs 100 and below will now attract 18% tax, as against 28% proposed earlier, while those above Rs 100 will continue to attract 28% GST. People with diabetes also have something to cheer as insulin will be cheaper as tax rate on insulin has been cut to 5% from the earlier 12%. While the tax rate on cashew has also been cut to 5% from the earlier 12%, food items like pickles and ketchup will attract a tax of 12% against the earlier proposal of 18%.

The GST Council also lowered rates on children's drawing books to nil from 12%. Computer printers will attract 18% tax as against 28% earlier. In addition, the council gave traders, manufacturers and restaurants some respite by raising the upper limit for the ‘composition scheme’ to Rs 75 lakh from the earlier Rs 50 lakh. Now traders, manufacturers and restaurants with an annual turnover of Rs 20 lakh to Rs 75 lakh can opt for the scheme and pay tax at 1%, 2% and 5% respectively.

Moreover, the tax rate on job workers in textile, diamond processing, leather, jewellery and printing, has been decided at 5%, as against the normal 18% GST rate for services. On the issue of review of GST rate on hybrid cars, it was decided that the council will take it up after considering states comments on a detailed paper issued on the matter earlier. The GST council will meet again on June 18 to discuss any pending issues, including the e-way bill rules and the rates on lotteries.

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