The Indian Government revised GST on 88 items which will be effective from July 27th. In news that was greeted with cheers around the country, the Narendra Modi lead government announced new GST rates, leaving only 35 items under the highest 28% slab. The move was welcomed by not only businesses and consumers all over the country but also saw a major spike in the market, making the decision an overall extremely successful one by the government.
A council meeting chaired by Finance Minister, Piyush Goyal came to the collision to revise the GST rates on items of everyday consumption and widely used items. The decision saw products under the GST slabs of 28% come down to 18% with those in the 18% slab go down to 12%. The best thing to come out of the council meeting was the government deciding to impose nil GST on sanitary pads, which is seen as a huge step forward by the government to promote and ensure menstrual awareness and health in every corner of the country.
Sushil Modi also said that the government is looking at reducing the current existing five GST slabs which range from 0-28% to 3. With a gradual stabilisation in revenue been seen over time, the government will be looking forward to reduce the slabs in the near future, the deputy Chief Minister of Bihar and member of the council that looks into all GST pertaining matters said in an interview.
So how will the new rate can affect you and what all items will be cheaper?
We have it all arranged for you in our list below. The revised GST list:-
1- Reduced from 28 per cent to 18 per cent
- Washing machines
- Vacuum cleaners
- Domestic electrical appliances such as food grinders and mixers & food or vegetable juice extractor, shaver, hair clippers etc
- Televisions up to the size of 68 cm
- Refrigerators, freezers and other refrigerating or freezing equipment including water coolers, milk coolers, refrigerating equipment for leather industry, ice cream freezer etc.
- Storage water heaters and immersion heaters, hair dryers, hand dryers, electric smoothing irons etc
- Lithium-ion batteries
- Paints and varnishes
- Glaziers’ putty, grafting putty, resin cements
- Special purpose motor vehicles. For instance, crane lorries, fire fighting vehicle, concrete mixer lorries, spraying lorries
- Works trucks of the type used in factories, warehouses, dock areas or airports for short transport of goods.
- Trailers and semi-trailers
- Miscellaneous articles such as scent sprays and similar toilet sprays, powder-puffs and pads for the application of cosmetics or toilet preparations
2- From 28 per cent 12 per cent
- Fuel Cell Vehicle
3- From 18/12/5 per cent to zero
- Sanitary Napkins
- Stone/Marble/Wood Deities
- Rakhi (other than that of precious or semi-precious material)
- Coir pith compost
- PhoolBhari Jhadoo
- Khali dona
4- From 12 per cent to 5 per cent
- Chenille fabrics and other fabrics under heading 5801
- Handloom dari
- Phosphoric acid (fertilizer grade only)
- Knitted cap/topi having retail sale value not exceeding Rs 1000
5- From 18 per cent to 12 per cent
- Bamboo flooring
- Brass Kerosene Pressure Stove
- Hand Operated Rubber Roller
- Zip and Slide Fasteners