GST Council Meet: Two slabs of GST have ended, what is getting cheaper from 22 September, check the list

In the 56th meeting of the GST Council, the apex body for GST related matters, only 2 slabs were approved. Now there will be only 5% and 18% slabs. Whereas, the 12% and 28% slabs have been abolished. The new GST rates will come into effect from September 22.

GST Council Meet: There has been a big change in the slab system of Goods and Services Tax (GST). In fact, only 2 slabs were approved in the 56th meeting of the GST Council, the apex body for GST related matters. Now there will be only 5% and 18% slabs. Apart from this, there is also a slab of 40%, which will be for luxury items. At the same time, the existing 12 and 28 percent slabs have been abolished. These new GST rates will come into effect from September 22.

According to the information, there has been a consensus in the GST Council meeting to abolish tax on health and life insurance. Apart from this, most of the food items and everyday items will come in the 5 percent tax slab. Let’s see the complete list.

What will become cheaper?

In the GST Council meeting, the tax rate on products like butter, ghee, dry fruits, condensed milk, sausages, meat, jam and jelly, coconut water, namkeen, 20 liter bottle of drinking water, fruit pulp and juice, milk beverages, ice cream, pastries, biscuits, corn flakes and cereals has been reduced from 18 percent to 5 percent. It means that all these products have become cheaper. Apart from this, zero tax will continue on unpackaged food items.

Relief on comb, toothpaste, brush, face powder too

It is proposed to reduce GST from 12 percent to 5 percent on items like toothpowder, feeding bottle, utensils, bicycle, bamboo furniture and comb. At the same time, it was decided to reduce the tax on shampoo, talcum powder, toothpaste, brush, face powder, soap and hair oil from 18 percent to 5 percent. It has been decided to reduce the tax on cement from 28 percent to 18 percent and the tax on small petrol-diesel vehicles and two-wheelers with up to 350 cc engine from 28 percent to 18 percent. At the same time, there is a proposal to reduce the tax on consumer products like television, air conditioner, dishwasher to 18 percent slab.

Shoes and slippers up to Rs 2500 cheaper

In the GST Council meeting, a proposal was also made to provide relief on shoes and readymade clothes. Till now, 5 percent GST is levied on products priced up to Rs 1,000 and 12 percent GST is levied on products priced above that. The GST Council has decided to increase the limit of 5 percent tax on shoes and apparels to Rs 2,500. Readymade clothes and shoes above this category will come under the 18 percent tax bracket.

Read More: GST Reform: From this date GST will be imposed at the rate of only 5% and 18%, all members of the council agreed

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