Interim Finance Minister Piyush Goyal to chair GST Council meet today

From fridge to footwear GST Council cuts rate on 88 items

The following development was later confirmed by Delhi Deputy Minister Manish Sisodia after the 28th GST Council Meet that was being held in the national capital.

Ahead of the Rakshabandhan festival, which celebrates the brother-sister bond, Rakhis have also been exempted from GST. The GST rate cuts announced today will be effective from July 27.

"There will be minimal impact of these decisions on revenue collections".

Speaking to reporters on the sidelines of the 28th GST Council meeting, the minister also said that tax on bamboo had been slashed to 12%. The government is likely to implement it by the end of this year.Also in the pipeline is reduction of GST on 30 odd items including sanitary napkins, handlooms and handicrafts, among others.

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Goyal said radio-frequency identification tags would soon be linked with the Goods and Services Tax Network in order to reduce the harassment of transporters. Some of the other items to be moved from the 28% tax slab to the 18% slab are lithium ion batteries, vacuum cleaners, food grinders, mixers, storage water heaters, hair dryers, hand dryers, paints, varnishes, water coolers, milk coolers, ice cream coolers, perfumes, and toilet sprays.

The council also approved the proposal to allow quarterly return filing for taxpayers with a turnover of upto Rs 5 crore, a move that will benefit almost 93 percent of tax assessees as they would now be required to file returns only once in three months. The minister added that return forms would be simplified into different formats for composite dealers, business-to-business dealers and business-to-consumer dealers.

"The decisions will benefit 125 crore citizens, particularly low and middle income families, traders and artisans", the finance minister said. The charge is applicable on a registered dealer, if he buys goods from a dealer not registered under GST. "Glad that finally GST Council has made this happen".

With regard to cancellation of GST registration, Goyal said the traders's ID number will be suspended the day he applies for cancellation.

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