TVs, Washing Machines And These Items To Be Cheaper After GST Revision

TVs, Washing Machines And These Items To Be Cheaper After GST Revision

TVs, Washing Machines And These Items To Be Cheaper After GST Revision

The GST Council in its 28th meeting reduced rates for a host of consumer centric items like perfumes, cosmetics, refrigerators, washing machines, and small screen TVs, apart from accepting the demand for exempting sanitary napkins. Small handicraft items have also been exempted from GST.

Small televisions, washing machines, fridges and kitchen appliances such as mixers and juicers have their tax rates slashed from 28% to 18%.

Of the 49 items in the top slab, rates on 17 have been reduced to 18%.

I think the 28 percent tax slab should be done away with.

Sources said rate cuts and certain clarifications will have revenue impact of Rs 10,000 crore-Rs 11,000 crore annually.

The biggest rate cuts, however, came in white goods. The revised tax rates will come into effect from 27 July, Finance Minister Piyush Goyal told media after the 28th meeting of the GST Council. Tax experts too saw Saturday's rationalisation as a relief for the aam aadmi.

Slamming the centre for putting sanitary pads under tax regime, DCW chief Swati Maliwal said that the Centre had displayed its arrogant side after it failed to exempt sanitary pads from GST for over a year.

Talking to reporters about the GST Council Meet in the afternoon, Sisodia said that the quarterly returns for traders with a turnover of up to Rs 5 crore have been given a nod by the GST Council. Since its launch last July, the GST Council has reduced rates on over 320 items and with Saturday's reduction, the number will swell by nearly a third. "The rate reductions will increase volumes by reduction of prices as anti-profiteering provisions necessitate passing on benefits to consumers".

Two simplified forms for GST returns, Sugam and Sahaj, have also been approved for business-to-business and business-to-consumer enterprises by the GST Council.

It is expected that the council would decide on revision of tax rates on vending machines and lithium ion batteries among others. This was the first Council meeting he chaired after taking charge of the Finance Ministry.

The GST Council also deferred Reverse Charge Mechanism (RCM) by a year to September 30, 2019. The council has cleared 46 amendments, which will be passed in Parliament, Goyal added. He will not have to file any more returns.

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