More than 100 items to get cheaper from Friday

In a monsoon bonanza for common man, the GST Council today cut tax rates on over 100 items, including several general-use items like TV, washing machine, footwear and refrigerators. Not just that, conceding to a year-long demand, the Council has now put sanitary napkins under the exempted category. In a good news for traders, the Council announced an easier return filing procedure through new simplified forms called 'Sugam' and 'Sahaj'. Also, enterprises with annual turnover of up to Rs 5 crore would now have to file quarterly returns instead of the current monthly filing, however they would have to pay tax monthly. The new rates would come into effect from July 27. The rate reductions is estimated to cost the government exchequer nearly Rs 7,000 crore. Here is the list of all the items that have become cheaper after rate cut: GST rate cut from 28% to 18%Refrigerators, freezers and other refrigerating or freezing equipment including water cooler, milk coolers, refrigerating equipment for leather industry, ice cream freezer etc.Washing machinesTelevisions up to the size of 68 cm or 27 inch Vacuum cleanersDomestic electrical appliances like food grinders and mixers & food or vegetable juice extractor, shaver, hair clippers etcLithium-ion batteriesStorage water heaters and immersion heaters, hair dryers, hand dryers, electric smoothing irons etcScent sprays and toilet sprays, powder-puffs and pads for the application of cosmetics or toiletriesPaints and varnishes (including enamels and lacquers)Glaziers’ putty, grafting putty, resin cementsSpecial purpose motor vehicles. e.g., crane lorries, fire fighting vehicle, concrete mixer lorries, spraying lorriesWorks trucks [self-propelled, not fitted with lifting or handling equipment] of the type used in factories, warehouses, dock areas or airports for short transport of goods.Trailers and semi-trailers.New items brought under 0% tax exemptionStone/Marble/Wood DeitiesRakhi [other than that of precious or semi-precious material of chapter 71]Sanitary Napkins,Coir pith compostSal Leaves siali leaves and their products and Sabai RopePhoolBhariJhadoo [Raw material for Jhadoo]Khali donaCirculation and commemorative coins, sold by Security Printing and Minting Corporation of India Ltd [SPMCIL] to Ministry of Finance.Rate slashed from 12% to 5%:Chenille fabrics and other fabrics under heading 5801Handloom dariPhosphoric acid (fertilizer grade only).Knitted cap/topi having retail sale value not exceeding Rs 1000From 18% to 5%Ethanol for sale to Oil companies for blending with fuelSolid bio fuel pelletsFrom 12% to 5%Handmade carpets and other handmade textile floor coverings (including namda/gabba)Handmade laceHand-woven tapestriesHand-made braids and ornamental trimming in the pieceToranFrom 28% to 12%Fuel Cell Vehicle. Further, Compensation cess shall also be exempted on fuel cell vehicle.From 18% to 12%Bamboo flooringBrass Kerosene Pressure StoveHand Operated Rubber RollerZip and Slide FastenersHandbags including pouches and purses; jewellery boxWooden frames for painting, photographs, mirrors etcArt ware of cork [including articles of sholapith]Stone art ware, stone inlay workOrnamental framed mirrorsGlass statues [other than those of crystal]Glass art ware [ incl. pots, jars, votive, cask, cake cover, tulip bottle, vase ]Art ware of ironArt ware of brass, copper/ copper alloys, electro plated with nickel/silverAluminium art wareHandcrafted lamps (including panchloga lamp)Worked vegetable or mineral carving, articles thereof, articles of wax, of stearin, of natural gums or natural resins or of modelling pastes etc, (including articles of lac, shellac)Ganjifa card

from The Economic Times https://ift.tt/2Lpkhi9