GST on gold fixed at 3 per cent; 5 per cent decided on footwear below Rs 500

In the meeting, the council announced its decision of setting up a committee to look into complaints regarding anti-profiteering clause.

By: Express Web Desk | New Delhi | Updated: June 3, 2017 9:38 pm
GST, arun jaitley, gst gold, gst footwear, gst textile, gst goods, gst tax, gst news, GST arun jaitley, business news, indian express New Delhi: Union Finance Minister Arun Jaitley with MoS Santosh Gangwar and Revenue Secretary Hasmukh Adhia at the 15th Goods and Services Tax (GST) meeting in New Delhi. PTI Photo by Atul Yadav(PTI6_3_2017_000044B)

Chairing the 15th meeting of the GST Council, Finance Minister Arun Jaitley along with his state counterparts on Saturday, decided on the tax rate of six items including gold, textiles and footwear. In the meeting, the council announced its decision of setting up a committee to look into complaints regarding anti-profiteering clause.

The council has taxed gold at 3 per cent, packaged food items sold under registered trademarks will be taxed at 5 per cent and solar panels will be taxed at 5 per cent under Goods and Services Tax. Footwear below Rs 500 will be taxed at 5 per cent and footwear above Rs 500 will be taxed at 18 per cent. According to the decision taken, biscuits will be taxed at 18 per cent under GST.

With respect to textile taxation, the council decided that apparel costing below Rs 1000 will be taxed at 5 per cent while that in the bracket above that price will be taxed at 12 per cent. The taxation for cotton and natural fiber has been fixed at 5 per cent while that for silk and jute are at nil category whereas manmade has been fixed at 18 per cent. Tax for bidi has been fixed at 28 per cent, without cess, while that of tendu leaves has been fixed at 18 per cent. The next meeting of GST Council on has been fixed on June 11.

The GST Council has already fitted over 1,200 goods and 500 services in the tax bracket of 5, 12, 18 and 28 per cent last month. The Council at its 15th meeting on Saturday took up for discussion the remaining goods for taxation. It approved the transition and return rules earlier in the day. GST, to be rolled out from July 1, will unify 16 different taxes and make India a single market.

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