GST Council revises rates for 66 items before rollout on July 1
The Goods and Services Tax (GST) Council at its 16th meeting here on Sunday has revised the rates of 66 items from the fitments originally made in the four-slab indirect tax structure, official sources said.
Speaking at a press conference in New Delhi, Finance Minister Arun Jaitley said a total of 66 items rates, as against representations received for 133 items, were revised.
Traders, manufacturers and restaurants with turnover of up to Rs 75 lakh can avail the composition scheme, against Rs 50 lakh earlier, Jaitley added.
The council`s final meeting continued during the day ahead of the rollout of the new tax regime proposed from July 1.
Following the 15th meeting of the council here earlier this month, held to decide on the six remaining items, including gold and beedi, Finance Minister Arun Jaitley, who heads the council, had said that a committee of officers would examine rate adjustments, if any, based on the representations received from different trade and industry associations.
Their recommendations are being taken up by the council on Sunday.
All goods and services under the GST regime have been categorised in four tax slabs of 5, 12, 18 and 28 per cent, besides those items that attract zero tax.
(With inputs from PTI)