INSUBCONTINENT EXCLUSIVE:
Goods and Services Tax (GST), which subsumed 17 local taxes, was rolled out on July 1, 2017.New Delhi: Union Minister Arun Jaitley today
exuded confidence that GST rates on cement, ACs and televisions will be cut as tax revenues increase, and only luxury and sin goods will
attract the highest slab of 28 per cent
In a Facebook post, Jaitley termed the pre-GST indirect tax regime, during which most of the household items attracted a levy of 31 per
cent, as "Congress Legacy Tax"
The past one year, he added, has seen rate reduction in 384 commodities
Goods and Services Tax (GST), which subsumed 17 local taxes, was rolled out on July 1, 2017."Today, the 28 per cent category is being phased
Bulk of these items remaining in this category are only luxury items or sin goods
The other items outside the luxury-sin goods category are cement, air-conditioners, large screen televisions and a handful of others,"
Jaitley said."Hopefully, with further expansion of revenues, these few items may also witness a change of category
Thus within a record period of thirteen months, the GST Council has almost phased out the 28 percent category
It is only a matter of time that the final obituary of the 'Congress Legacy Tax' is written
Only the luxury-sin tax would remain," he said.Referring to services sector, he said 68 different categories of services have witnessed
their rate reduction."The net revenue loss which Government have suffered on account of the reduction of tax on goods and services is about
Since state governments have been guaranteed a 14 per cent increase over their pre-GST revenues for the first five years, this burden has
entirely been borne from the share of the Central Government," Jaitley said.The tax reduction has reduced the cost to the consumers,
increased his purchasing capacity and added to the increased consumption in the economy
He said taxes on all household items stand reduced from 28 per cent to 18 per cent and 12 per cent."All items of construction, except
Most white goods stand reduced
There is no better opportunity for consumers to make purchases than in the environment which the GST has created
It is an opportunity to celebrate the biggest tax reform since Independence, which has replaced 'Congress Legacy Tax' with a 'good and
simple tax'," Jaitley said.The GST Council in its meeting last week had decided to reduce taxes on 88 items, like sanitary napkins, fridge,
small screen TV, washing machine, footwear, among others
The new tax rates became effective from today.As of today, only 35 goods, including cement, automobile parts, tyres, automobile equipment,
motor vehicles, yachts, aircraft, aerated drinks, betting and demerit items like tobacco, cigarette and pan masala, attract highest GST rate
