Union Finance Minister Arun Jaitley has finally concluded The 14th meeting of the GST (Goods and Services Tax) Council.
GST rate on Coal fixed at 5% against the current incidence of 11.69%.
GST rate on Hair oil, Toothpaste and Soap fixed at 18% against current incidence of 22-24%
GST rate on Tea, Coffee and Sugar fixed at 5%.
Milk and cereals will be exempted from GST.
GST council has decided rates for 1211 items except for 6 items. 81% of total items to be taxed at below 18% GST slab.
Over 1,200 items to be considered under GST,
7% have been put on the exempt list
14% items will attract a tax rate of 5%
17% of the items will be taxed at 12%
43% will be taxed at 18%
19% items will be in the 28% tax slab
Apart Milk and Curd, Prices of foodgrains, especially wheat and rice, will come down as they will be exempt from GST.
Aerated drinks, ACs, refrigerators, and cars will be in the 28 percent bracket. On gold, states demanded a 4 per cent tax even though the rate is not among the 5, 12, 18 and 28 percent approved bands.