GST council came up with new changes in GST tax rules after 28th GST council meet held on 21st on July 2018. The best and most accepted change is an exemption of GST on sanitary napkins.
It brings a lot of happiness & joy for women as now they won’t have to pay more for napkins. Before it was the biggest discussion that why Govt is imposing GST on napkins, whereas they promote women empowerment.
So, here are some changes announced in 28th GST council meeting:-
In recent 28th GST meeting council slashed rates on few items and totally in this one-year Govt reduced tax rates on total 191 items. Govt is making these changes to lessen the tax burden on frequently purchase goods and it planned to keep on luxury items on 28 percent slab.
GST council exempt some goods for GST Tax and here are those:
- Sanitary napkins
- Fortified Milk
- Raw materials used in making brooms
- Stone, marble or wood god statues
- Leaves of Saal tree
- Memorial coins disseminate by RBI or Govt of India
These got exempted from GST tax structure.
GST council also trim rates on some items and here are the details:
Here are full list revised rates on various products
- GST council cut rates on cosmetics from 28% to 18%
- On phosphoric acid fertilizer from 12% to 5%
- Cut rates on handloom blanket 12% to 5%
- Cut rates on vacuum cleaners from 28% to 18%
- GST council trim rates on storage water heaters from 28% to 18%
- Trim rates on ice cream freezer from 28% to 18%
- Cut rates on perfumes from28% to 18%
- On refrigerators & irons from 28% to 18%
- Also, trim rates on washing machine from 28% to 18%
- Cut rates on grinders, mixers, water cooler & scents from 28% to 18%
- Tax rates fall to 5% for footwear under Rs.1000
- Trim rates on paint from 28% to 18%
- Cut rates on bamboo flooring to 12%
- GST council reduced the tax rate to 5% on urea imported from other countries
- GST tax rate on e-books fall down to 5% from 18%
- GST registration the last date extended to 31st August also the penalty for late registration will not be charged
- Composition scheme threshold limit set to 1.5Crore while the previous one is 1Crore
- Cut rates on ethanol from 18% to 5%
- Taxpayers will receive a discount on digital payments for taxpayers who pay tax through online mode
- Now employers who are paying GST on insurance, food, travel & other benefits provided to employees can claim ITC.
Next GST meeting will set to 4th August and the prime discussion will be on MSME sectors like the problems faced by startups, entrepreneurs etc. Also, the council will discuss sugar cess.
GST council has planned to keep luxury items on 28% slab to reduce the tax burden on frequently purchased goods & items.