GST Rate – 18th May, 2017

GST rate on tea, coffee, Sugar fixed at 5%; Milk and cereals exempted from GST: 14^th GST Council Meet

The fitment of rates of goods were discussed today during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.
GST rates for certain goods like textile, footwear, biris, precious metals, etc. are yet to be decided by the GST Council. The footnote below the table gives the list of such goods.

The 14th meeting of the GST (Goods and Services Tax) Council chaired by Union Finance Minister Arun Jaitley has finally concluded Today.Key takeaways from 14th meeting are given hereunder:

  1) GST council approves 7 GST rules:

The GST council has approved the seven rules for the rollout of new GST regime. Such rules pertained to Composition Scheme, Determination of value of supply, Input Tax Credit, Tax Invoice, Credit and Debit notes, Payment of Tax, Refund and Registration. But the remaining two rules, i.e., Returns and Transitional Provisions, are being vetted by a legal committee.

  2) Rates:

   a) GST rate on Coal fixed at 5% against current incidence of 11.69%.

   b) GST rate on Hair oil, Toothpaste and Soap fixed at 18% against current incidence of 22-24%

   c) GST rate on Tea, Coffee and Sugar fixed at 5%.

   d) Milk and cereals will be exempted from GST.

   e) GST council has decided rates for 1211 items except 6 items. 81% of total items to be taxed at below 18% GST slab (said Arun Jaitely)

  3) Other issues:

Tomorrow GST Council will discuss rates on services and list of exempted items.

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