The 28th meeting of the GST Council was held on Saturday under the chairmanship of Union Finance Minister Piyush Goyal. Several major decisions were taken in this. But the council's biggest decision was regarding sanitary napkins and household items. Here are the Council's 10 big decisions.
1. The biggest decision taken in the meeting of the GST Council was taken with sanitary napkins. So far sanitary napkins placed in the GST slab of 12 per cent have been tax-free. That is, the GST will not be applied on it now.
2. While 17 items of domestic use have been removed from 28 per cent GST slab. These include items like washing machines, fridges, TVs (up to 25 inches), video games, vacuum cleaners, trailers, juice mixers, grinders, showers and hair dryer, water coolers, lithian ion batteries, electronic iron (press). Now these items are placed in a slab of 18 percent. Accordingly, there is a reduction of 10 per cent.
3. GST Council has taken a big decision for businessmen too. According to this, traders with turnover of up to Rs 5 crores will not be required to file returns every month. The Council has approved the filling of quarterly returns for them. Although tax payouts will be monthly. This gives relief to about 93 percent of traders.
4. GST Council has simplified the return filing process for the businessmen. Although earlier the filing of the return filing was improved, the complaints of traders were coming in spite of this.
5. The rate has also been reduced by 10 per cent on things like paint, wall paint and varnish. Now it will be 18 per cent tax instead of 28 per cent.
6. Shoes priced at Rs. 1000 will now be charged only 5% GST. Now the shoes will be cheaper for you. Earlier, only up to 500 rupees footwear was placed in this slab.
7. The council has taken an important decision not to mention petrol and diesel but the ethanol oil to be added to the petroleum product. According to this decision, ethanol oil, which is produced from sugarcane and other crops, will now be 5 per cent taxable. So far it was 18 percent GST .
8. Prime Minister Narendra Modi is often referring to promoting bamboo and its cultivation. At the same time the council has also decided on bamboo flooring. These items will now be taxed by 12 per cent, while handicraft items are now also kept under the purview of 12 per cent GST.
9. There are handbags, jewelery boxes, wooden boxes for the painting, glass designer glasses, designer mirrors and hand-made lamps have been placed in the 12 per cent tax slab.
10. Imported urea will now be charged only 5 per cent GST. In addition to reducing the headache of the transporter, the GST network ie GSTN will also be accompanied by an RFID tag.