GST reduced on some items.
After the 25th meeting of the GST Council, on Thursday (January 18, 2017). Some important decisions were taken in the meeting. 29 handicraft items have been brought under the Zero Percentage GST. Tax rates on 49 items have been reduced. Many items have been removed from 18% to 12%. Tax rates of some parts have also been reduced. Explain that some states have no revenues right now. This was discussed in the meeting as well. On bringing gasoline and diesel into the realm of GST, the Finance Minister said that this will be considered in the next meeting.
He further said that there was no discussion about the real estate in the meeting. no decision has been taken to simplify GST return. Although the council approved changes in the scheme to ensure a seamless supply chain for small dealers, this scheme has made it more attractive. These changes will enable large registered dealers to buy from small dealers and still can take advantage of the input tax credit.
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