Six items have been taken out from the highest GST bracket of 28 percent, thereby leaving only 28 items in the slab. Now, the 28 percent slab is restricted to only luxury and sin goods, apart from auto parts and cement.
Revenue shortfall concerns and issues being faced by micro, small and medium enterprises (MSMEs) dominated the 29th meeting of the GST Council. The Council approved a six-member ministerial panel, headed by Minister of State for Finance Shiv Pratap Shukla, to look into the issues of MSMEs.
Finance Minister Arun Jaitley said about 29 handicraft items will attract no tax and asserted that the move was taken to protect jobs in the hand-made industry. The revised GST rates will be applicable from January 25.