18/05/2017
GST Council in its 14th Meeting at Srinagar Today, focused mainly on fitment of goods under slabs, discussed and approved:
# 7 GST rules while legal committee is looking at remaining 2 (Return & Transition) Rules.
# Tariffs for about 1211 items was finalised
# 81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
# Common man items have gone into 12% & 18% slab.
# Indians sweets or mithai will fall under 5% slab.
# Coal to be taxed at 5% against 11.69% currently.
# All raw food items, including food grains to be exempt.
# Processed food of daily needs to be in the 5% slab.
# Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
# Tooth paste, hair oil will be taxed at 18% against 28% currently.
# In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%
*GST Council will meet again tomorrow and discuss the rate slab for important goods like gold, beedi, etc and Services tax rates.*
CA ANKUR GOYAL
