With the recent GST introduction in India that has brought about changes in the taxation of items. With certain hikes in the items, the GST council has recommended some changes in the GST list of reducing tax on about 30 items.
Well, this seems like a good news for many people, who were over the dilemma of how the cost for many items have increased. The GST rates on around 30 things like broiled gram, idli/dosa batters, oilcakes, overcoats, kitchen gas lighter and rubber bands were decreased on Saturday.
According to the recommendations, mid-sized and extravagance vehicles and SUVs will cost more after the GST Council chose to require an extra 2 to 7 % cess on them yet exempted little and small vehicles autos from any hike.
An extra 2% cess will be imposed on average sized cars, 5% on huge cars and 7% on SUVs, taking the aggregate rate of tax assessment to pre-GST levels, Finance Minister Arun Jaitley said in an 8-hour long meeting of the GST Council in Hyderabad.
Jaitely states that, “Small petrol and diesel cars enjoyed a tax advantage of 3 per cent post GST. But status quo will be maintained on small petrol diesel cars, so even if it has got cheaper let consumers enjoy the benefit.” “Tax on mid segment cars had gone down from 48 per cent to 43 per cent and the council today decided to increase cess by 2 per cent to 45 per cen.” he said.
Many items that have been exempted from the list of GST that include items like dried tamarind, custard power, oil cakes, dhoop batti, dhoop and other similar items, plastic raincoast, rubber bands, rice rubber rolls for paddy de-husking, computer monitors and kitchen gas lighters and brooms and brushes.
Well, this looks like relief!
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