GST Rate Slashes in 29 Goods is a Welcome Step

The industry has forward and welcomed the GST Council's decision forward and welcomed the Goods and Services Tax (GST) Council's decision to make major rate cut in 29 products from 54 categories.

Headed by Finance Minister Arun Jaitley, the GST Council took this decision to slash rates on items such as second-hand cars, confectionary, bottled water and mehendi, while the services include education, insurance, entertainment, and tourism.

GST rate on second-hand medium and large cars and SUVs is brought down from 28 percent to 18 percent and on other old and used motor vehicles to 12 percent.

Tax on diamonds and precious stones was slashed to 0.25 percent from current 3 percent.

The new GST rates will come into effect from January 2.

After 10 days, another meeting will be held through video-conferencing.

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