Sector wise impact of GST rate revision
The Goods and Services Tax (GST) Council, in its 28th meeting, held on Saturday, approved rate cuts for several consumer centric items such as cosmetics, refrigerators, washing machines, and small screen televisions, and cleared the widely demanded exemption on sanitary napkins. The other products which have been exempted from GST include deities made of stone, marble or wood, ‘rakhis’ without precious stones and sal leaves.
In major relief to middle-class consumers, the council reduced the tax on lithium ion batteries, vacuum cleaners, food grinders, mixers, storage water heaters, hair dryers, paint, varnishes, water coolers, perfumes, toilet sprays and cosmetics to 18% from the 28% slab.
The changes in tax rate would come into effect from July 27, 2018, said a press release issued by the Ministry of Finance.
In major relief to middle-class consumers, the council reduced the tax on lithium ion batteries, vacuum cleaners, food grinders, mixers, storage water heaters, hair dryers, paint, varnishes, water coolers, perfumes, toilet sprays and cosmetics to 18% from the 28% slab.
The changes in tax rate would come into effect from July 27, 2018, said a press release issued by the Ministry of Finance.
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