GST rate on tea, coffee, Sugar fixed at 5%; Milk and cereals exempted from GST: 14th GST Council Meet
The 14th meeting of the GST (Goods and Services Tax) Council chaired by Union Finance Minister Arun Jaitley has finally concluded Today.Key takeaways from 14th meeting are given hereunder:
- [ GST Rate Schedule for Goods – As per GST Council Meeting 18.05.2017 – Download ]
- [ GST Compensation Cess Rates for different supplies – As per GST Council Meeting 18.05.2017 – Download ]
- [ Final GST Rules Approved by GST Council Meeting held on 18.05.2017 – Download ]
1) GST council approves 7 GST rules:
The GST council has approved the seven rules for the rollout of new GST regime. Such rules pertained to Composition Scheme, Determination of value of supply, Input Tax Credit, Tax Invoice, Credit and Debit notes, Payment of Tax, Refund and Registration. But the remaining two rules, i.e., Returns and Transitional Provisions, are being vetted by a legal committee.
a) GST rate on Coal fixed at 5% against current incidence of 11.69%.
b) GST rate on Hair oil, Toothpaste and Soap fixed at 18% against current incidence of 22-24%
c) GST rate on Tea, Coffee and Sugar fixed at 5%.
d) Milk and cereals will be exempted from GST.
e) GST council has decided rates for 1211 items except 6 items. 81% of total items to be taxed at below 18% GST slab (said Arun Jaitely)
3) Other issues:
Tomorrow GST Council will discuss rates on services and list of exempted items.