GST Rates Slashed on 50 Items of Mass Consumption

GST Rates Slashed on 50 Items of Mass Consumption

The GST rate on 50 items of mass consumption, that were in the 28 per cent tax slab, has been slashed to 18, Bihar Deputy Chief Minister Sushil Kumar Modi, who heads the Group of Ministers panel for tackling IT-related glitches, said.

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As an landmark move regarding GST rates, the GST Council took a major decision to revise the rates on 50 items of mass consumption.

The GST rate on 50 items of mass consumption, that were in the 28 per cent tax slab, has been slashed to 18, Bihar Deputy Chief Minister Sushil Kumar Modi, who heads the Group of Ministers panel for tackling IT-related glitches, said.

“All items of common consumption have been reduced from 28 per cent to 18 per cent tax rate.

GST Council Decision

“Tax on goods of mass consumption like chewing gum, chocolates, shaving items, shampoo, skin creams, whose revenue implication is not much, has been reduced,” Mr Modi mentioned here on the sidelines of the Goods and Services Tax (GST) Council meet.

He further added that the revenue implication of these will be approximately Rs 20,000 crore.

Modi said that it was important the system under GST regime stabilises as only four months were remaining for the close of the current financial year.

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