Decisions at GST Council Meeting 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%

Note:GST Council will meet again tomorrow and discuss the rate slab for important goods like gold, beedi, etc & Services tax rates.

Sources told that GST rates have not been yet been finalised on six categories of products—bio-diesel, beedi and cigarettes, footwear, textiles, agricultural implements and gold.

Separately, within the "food" category a final decision on GST rates on branded cereals and packaged food including packaged fruit juices will likely be taken on Friday.

A decision on GST rates on services will likely be taken on Friday, the second and the last day of the council’s meeting in Srinagar.

Adhia said that 14 percent of the 1211 items will attract a GST rate of 5 percent, another 17 percent will be taxed at 12 percent, 19 percent of the items will be taxed at 28 percent, while 7 percent will be on the exempt list.

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