GST ready for July rollout: Rates for insulin, movie tickets and more slashed

New Delhi: Tax rates for certain kitchen items such as pickles and mustard sauce as well as movie tickets costing up to Rs 100 were lowered on Sunday after the Centre and states reduced levies on 66 items.

Movie tickets costing Rs 100 and below will now attract 18% tax, as against the 28% proposed earlier, while those above Rs 100 will continue to attract 28% GST.

Pickles, mustard sauce and murabba will attract 12% GST, as against the 18% proposed earlier. Also, tax rates on cashew nuts have been cut to 5% from 12%.

The GST Council which met in Delhi on Sunday also decided that traders, manufacturers and restaurant owners with turnover of up to Rs 75 lakh can opt for a composition scheme and pay taxes at the rate of 1, 2, and 5 per cent respectively. The council also lowered GST rates on children’s drawing books to nil from 12%. Computer printers will attract 18% tax as against the earlier 28%.

There’s also good news for the country’s large diabetics population: GST on insulin has been lowered to 5% and agarbatti will now attract a tax of 5%, while schoolbags will be levied 18% GST. Tax rate on kajal has been lowered to 18% from 28%.

“GST Council has reduced tax rates of 66 items as against representations received for 133 items,” Union Finance Minister Arun Jaitley told reporters in Delhi after the 16th meeting of the GST Council.

The next meeting of the council will be on June 18, when it will take up lottery taxes and the issue pertaining to e-way bill.

On the issue of review of GST rate on hybrid cars, it was decided that the council will take it up after considering states’ comments on a detailed paper issued on the matter earlier.

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Free Press Journal