GST Council meet: Full list of items under 28% GST rate that will become cheaper next week from TVs, trucks to scents
The cut in prices by GST Council in those items belonging in the highest slab, will get cheaper from July 27. Here is full list of items that will become cheaper.
The GST Council has revised the rates in a list of 100 items under Goods and Services Tax (GST) regime. The meeting was chaired by Union Minister of Railways, Coal, Finance and Corporate Affairs Piyush Goyal. The GST Council has given relief to products that are currently under the highest tax slab of GST rate, which is 28%. The new revision made in the items belonging to 28% tax slab will get cheaper from July 27 next week.
Goyal addressing the council said, “Besides revenue collection, the GST Council will now focus on job creation as well. The decisions taken today will be applicable from July 27.”
Here below is full list of items that will become cheaper after GST Council revised tax rates:
From the above it can be seen that there will be a vast difference in pricing when the mentioned products under 28% tax slab will enter into 18% tax slab under GST regime.
Domestic electrical appliances means items like food grinders and mixers & food or vegetable juice extractor, shaver, hair clippers etc.
While works trucks (self-propelled, not fitted with lifting or handling equipment) of the type used in factories, warehouses, dock areas or airports for short transport of goods.
Meanwhile, miscellaneous articles means scent sprays and similar toilet sprays, powder-puffs and pads for the application of cosmetics or toilet preparations.
Also fuel Cell Vehicle will get cheaper as they will be charged at a GST rate of 12% from next week compared to previous 28%. Further, Compensation cess shall also be exempted on fuel cell vehicle.
Considering the above, this comes as a relief to consumers and industries. One can expect the prices to go down from next week of the products as companies and manufacturers would be asked to pass on the benefit of lower GST rate to end consumers.