GST rates fixed: 3% tax on gold, 5% on clothes costing less than Rs 1,000

15th GST Council Meeting

Bidi to be taxed at 28% without cess; all states on board for rollout of the tax regime from July 1

 

 

Latest news  : The Goods and Services Tax (GST) Council on Saturday cleared the pending rules for the rollout of the new indirect tax regime from July 1. The include transition provisions and returns. All states have agreed to the July 1 rollout timeline. “Transition rules have been cleared and everybody has agreed for July 1 roll out,” Kerala Finance Minister Thomas Isaac told said.

 

Finance Minister Arun Jaitley chaired the 15th meeting of the GST Council, where the rates of tax and cess on gold, biscuits, footwear and textiles were decided.

 

Finance Minister Arun Jaitley explained the math of GST rate. Here are the highlights:

 

* Packaged food items sold under registered trademarks to be taxed at 5 per cent.

 

* GST on Agri machinery fixed at 5 per cent

 

* GST on apparel below Rs 1,000 fixed at 5 per cent: Arun Jaitley

 

* A nominal rate of 0.25 imposed on rough diamond: Arun Jaitley

 

* 0 per cent tax on Jute: Arun Jaitley

 

* GST Council will set up committee to look into complaints regarding anti-profiteering clause, said Arun Jaitley

 

* Bidi to be taxed at 28% without cess. However Beedis are still under discussion, no proposal of cess for beedis: Arun Jaitley

 

* GST rate for gold fixed at 3 per cent: Arun Jaitley

 

Read this: GST not being charged twice over on credit card payments: Govt busts myths

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