New Delhi – : In a huge relief for the common man, the Goods and Services Tax (GST) Council during its 31st meeting in New Delhi decided to lower tax slabs for 40 products. A range of products may get cheaper following the important meeting as it is expected that the GST Council would move them into lower tax slab.
Talking to reporters after the meeting, which was chaired by Union Finance Minister Arun Jaitley, Puducherry Chief Minister V Narayanasamy said 33 items have come down from 18 per cent tax slab to 12 and 5 per cent tax bracket as they are common man’s consumption goods.
The GST Council also decided to bring seven items in 18 per cent tax slab from their previous 28 slab.
“The original demand by Congress that all goods should come down to 18 per cent and below except luxury items has been agreed by the Government. Except 34 items all other will come down to 18 per cent and below,” Narayanasamy said.
Prime Minister Narendra Modi had recently announced that 99 per cent of items in the GST regime will be brought under the 18 per cent or lower tax slabs.
The GST has five tax brackets at present – zero per cent, 8 per cent, 12 per cent, 18 per cent and 28 per cent.
“A 28 per cent tax on automobile tyres impacts common man because ultimately he has to shell out the tax. The overall focus on December 22 Council meet will be to lessen the GST burden on common man,” an official had earlier said indicating lowering of tax on a number of goods.