Finance Minister Arun Jaitley on Saturday chaired the 15th meeting of the GST Council which has decided tax rates on six essential items such as gold, textiles and footwear among others. The Council today cleared the pending rules, including transition provisions and returns, with all the states agreeing to July 1 roll out of the Goods and Services Tax. The next meeting of the GST Council will be held on June 11.
Here are the rates decided by the GST Council:
1. Packaged food items sold under registered trademarks will be taxed at 5 per cent.
2. Footwear below Rs 500 to be taxed at 5 per cent, over Rs 500 at 18 per cent.
3. Zero tax for Silk, jute
4. Apparel below Rs 1,000 to be taxed at 5 per cent, over Rs 1,000 to be taxed at 12 per cent
5. Gold to be taxed at 3 per cent and biscuits at 18 per cent, says PTI quoting sources.
6. Cotton and natural fiber will be taxed at 5 per cent and man-made at 18 per cent.
7. Solar panels will be taxed at 5 per cent under GST.
8. Bidis will be taxed at 28 per cent under GST and will not attract any cess, Tendu leaves at 18 per cent.