
India’s most comprehensive indirect tax reform — the
goods and services tax (GST) — is inching towards a July 1 rollout with
the GST Council cutting the rate on household goods and other essential items,
raising the threshold for the scheme that requires lesser compliance and
approving another key set of rules relating to audit and accounts.
At
its meeting on Sunday in the Capital, the council revised rates on 66 items
such as pickles, sauces, fruit preserves, insulin cashew nuts, insulin, school
bags, colouring books, notebooks, printers, cutlery, agarbattis and cinema tickets,
following representations from industry.
Restaurants,
manufacturers and traders having a turnover of up to Rs 75 lakh can avail of
the composition scheme with lower rates of 5%, 2% and 1%, respectively, with
lower compliance, against Rs 50 lakh previously. A GST rate of 5% will be
applicable on outsourcing of manufacturing or job work in textiles and the gems
and jewellery sector. Bleaching and cleaning of human hair, a big industry in
Midnapore, will not face any tax.
“After
considering recommendations of fitment committee, rates are being reduced in
the case of 66 items,” FM Arun Jaitley, who is also the chairman of the GST
Council, told reporters.
“There
were 133 representations… These were considered at length,” Jaitley said.
“The weighted average of all the rates that we have decided is significantly
lower than what we are paying today,” he said, adding that therefore there
would be an adverse revenue impact if other things remained equal. “But, we are
also hoping on revenue buoyancy and a check on inflation that GST will ensure
so as to make up for that loss.”
A
number of household items in the packaged food category that had been placed in
the 18% bracket such as pickles, mustard sauce, ketchups, f fruit
preserves and sandwich toppings will now attract 12% GST.
The
rate on agarbattis has been lowered to 5% from 12% proposed earlier. School
bags will face a rate of 18% instead of 28%, exercise books will attract 12%
instead of 18% and colouring books will be exempt instead of 12% proposed
earlier. Steel cutlery will attract 12% instead of 18% and computer printers
18% instead of 28%. Fly ash bricks and blocks will attract 12%
Movie
tickets costing below Rs 100 will now attract 18% GST while 28% will continue
for those over Rs 100. “Consumers will benefit from the reduction in rates,”
Jaitley said, adding that states can refund state GST on regional cinema but
there cannot be a centralized exemption.
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