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%.