Rates for 6 items to be finalised; no levy on milk, bread, cereals

Finance Minister Arun Jaitley said that if rates for all items is not decided in this fourteenth meeting of the Council, then another meeting will be called soon to complete the fitment exercise.

Written by Aanchal Magazine | Srinagar | Published:May 19, 2017 4:10 am
arun jaitley, seventh pay commission, 7th pay commission, pension, disability pension, disability pension for defence personnel, 7th pay commission defence personnel, 7 pay commission, 7th pay commission recommendations, national steel policy, Finance Minister Arun Jaitley. PTI photo

The Goods and Services Tax (GST) Council agreed upon fitment of various goods in the tax slabs of zero, 5,12,18 and 28 per cent on the first day of its two-day meeting. No GST will be levied on prasadam, cereals, kumkum/bindi and contraceptives, among others, while a 28 per cent GST will be levied on items such as pan masala, motor vehicles, molasses, chewing gums and chocolates containing cocoa.

Most processed food items will attract a GST rate of 5 per cent, including that on frozen fish, skimmed milk powder, cane sugar and sweetmeats (mithai), the list of item-wise tax rates released by the Central Board of Excise and and Customs showed.

Condensed milk, pastries and cakes, agarbattis, mobile phones, electrically operated vehicles will attract 12 per cent rate under the proposed indirect tax regime. While LPG for household domestic consumers will attract 5 per cent tax, butter and cheese have been placed in the 12 per cent category. Tax rates on six items — beedi, biscuits, textiles, footwear, precious metals and power-driven agricultural machinery — are yet to be finalised and are likely to be taken up for discussion on the second day of the GST Council meeting on Friday.

Finance Minister Arun Jaitley said that if rates for all items is not decided in this fourteenth meeting of the Council, then another meeting will be called soon to complete the fitment exercise.

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  1. A
    AKB
    May 19, 2017 at 6:30 pm
    By excluding Bread , Milk and Cereals . He has done a favour on people. They have won the elections , hence it is a favour on us by rulers,
    Reply
    1. A
      Ashutosh V Divecha
      May 19, 2017 at 12:46 pm
      Housing, roads and infrastructure depends on materials like Cement and Gl which has been taxed @ 28 - Does this Government intends affordable housing and roads for the poor ?
      Reply
      1. A
        Ashutosh V Divecha
        May 19, 2017 at 12:47 pm
        CEMENT and GLASS
        Reply
      2. M
        madhu
        May 19, 2017 at 6:44 am
        finally some thing good is done
        Reply
        1. A
          Ashutosh V Divecha
          May 19, 2017 at 12:47 pm
          Housing, roads and infrastructure depends on materials like Cement and Gl which has been taxed @ 28 - Does this Government intends affordable housing and roads for the poor ?
          Reply
          1. A
            Ashutosh V Divecha
            May 19, 2017 at 12:47 pm
            GLASS