Highlights of GST Council Meeting on 03/06/2017


Finance Minister Arun Jaitley explained on the GST rates. Here are the highlights:

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

2. GST on Agri machinery fixed at 5 per cent

3. GST on apparel below Rs 1,000 fixed at 5 per cent.

4. A nominal rate of 0.25 imposed on rough diamond

5. Zero per cent tax on Jute

6. GST Council will set up committee to look into complaints regarding anti-profiteering clause

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

8. GST rate for gold fixed at 3 per cent.

9. Gold, gems, jewellery to be taxed at 3 per cent.

10. Footwear priced below Rs 500 to be taxed at 5%, the rest at 18%.

11. Readymade garments to attract 12% GST; Yarn and fabric cotton 5 per cent.

12. GST on all biscuits to be 18%.

About Nitika Bansal 128 Articles
I will regularly provide update on direct tax and indirect tax