Goods & Services Tax (GST) was launched in the hope of putting India under a ‘One Nation, One Tax’ umbrella. In some cases, taxes were reduced whereas luxurious products attracted higher taxes. Now, some of the product’s GST tax has been revised ahead of the Diwali festival. Here is a complete look at it.
The 22nd GST Council Meeting held under the Chairmanship of Union Finance Minister Arun Jaitley also decided to cut IGST rates on Imports of specified Goods have been recommende
Most of the products are food items where the taxes have been slashed. Khakra, Roti, Namkeens, Ayurvedic, Homeopathic medicines, Plastic, Glass and Paper waste have come down to 5%.
Whereas Poster colours, Modelling paste for children, stationery items such as clips, leaf-binders or files, diesel engines, centrifugal pumps have come down to 18%. Synthetic fibres such as nylon, polyester and acrylic has reduced to 12%.
The new tax law is still under its initial days, and more such revisions are expected over time. Apart from the 27 items that have received a cut, small businesses will now be allowed to pay taxes on a quarterly basis rather than on a monthly basis.