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On 21st July, 2018, the 28th GST Council meeting was conducted to take major decisions pertaining to the existing GST model. A plethora of changes took place, with respect to rate changes in goods, rate changes in services, and most importantly, the simplified GST return filing model, which has been under speculation for a long time.
In this blog, we will take you through the major updates from 28th GST Council meeting, with regards to the GST rate changes of specific goods.
The 28th GST Council meeting saw a plethora of reductions in the GST rate, which are listed as follows:
As per the 28th GST Council recommendations, the rate of the following goods were reduced from 28% to 18%:
As per the 28th GST Council updates, the GST rate for fuel cell vehicles was reduced from 28% to 12%. In addition, the 28th GST Council also decided to remove the previously applicable compensation cess on fuel cell vehicles.
As per the 28th GST Council meeting updates, the GST rates of the following goods was decided to be reduced from 18% to 12%:
As per the 28th GST Council meeting highlights, the GST rates of the following goods were reduced from 18% to 5%:
As per the 28th GST Council meeting news, the GST rates of the following goods was reduced from 12% to 5%:
This was probably the most lauded section of the 28th GST Council changes. At the 28th GST Council meeting, the GST rate for the following goods were culled down to 0%:
Apart from GST rate reductions, certain clarifications with regards to GST rates of certain goods also formed part of the 28th GST Council highlights.
Fabrics attract GST at the rate of 5%, but it was subject to the condition, that refund of accumulated ITC because of inverted duty structure will not be allowed. However, considering the difficulties faced by the fabric sector, it was decided in the 28th GST Council meeting, that the refund will henceforth be allowed – and the same will be applicable on all purchases post the notification is issued.
A GST rate of 5%, which was earlier applicable to footwear priced up to INR 500, will now be extended to footwear priced up to INR 1000. Footwear having a retail sale price of more than INR 1000, will continue to attract 18% GST.
Post these changes, the most important 28th GST Council news doing the rounds is, that only 35 goods now remain in the highest tax bracket i.e. 28% - a huge relief for household consumers. The 28th meeting of the GST Council has indeed paved the way for a more simplified GST tax bracket, and one can hope that it will continue to get even more simplified in the days to come.
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