Decisions at GST Council Meeting yesterday on Tariffs
1) Tariffs for 1211 items has been finalised. Focused mainly on fitment of goods under slabs, discussed and approved
2) 7 GST Rules are approved, with Rules relating to Return and Transition in review.
3) 81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
4) Common man items have gone into 12% & 18% slab.
5) Indians sweets or mithai will fall under 5% slab.
6) Coal to be taxed at 5% against 11.69% currently.
7) All raw food items, including food grains to be exempt.
8) Processed food of daily needs to be in the 5% slab.
9) Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
10) Tooth paste, hair oil will be taxed at 18% against 28% currently.
11) In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%
Note: GST Council will discuss the rate slab for important goods like gold, beedi, etc & Services tax rates, Today.