LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

GST Council to consider rate cut on items with low revenue impact on Jul 21

The GST Council may consider reduction in tax rates on host of items with low revenue implications as part of the tax rationalisation exercise in its next meeting on July 21. The items which could be considered for cutting of tax rates might include sanitary napkins, handicrafts and handloom goods, besides certain services.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
GST Council to consider rate cut on items with low revenue impact on Jul 21
Most handloom and handicraft products, as well as sanitary napkins are currently taxed at 12 per cent. Image source: PTI
Written By: PTI
Updated: Thu, Jul 12, 2018
10:02 am
New Delhi, PTI
RELATED NEWS
FICCI congratulates Modi government on 2nd anniversary of GST, calls it landmark taxation reform FICCI congratulates Modi government on 2nd anniversary of GST, calls it landmark taxation reform
Housing prices up 7 pc, sales down 28 pc, supply dips 64 pc in last five years: Anarock Housing prices up 7 pc, sales down 28 pc, supply dips 64 pc in last five years: Anarock
Planning to buy a luxury car, jewellery this year? Here's good news for you Planning to buy a luxury car, jewellery this year? Here's good news for you
BLACK Money Fear BACK: Input tax credit removal on select items against GST spirit, say experts BLACK Money Fear BACK: Input tax credit removal on select items against GST spirit, say experts
GST revenue shortfall drags down tax revenue estimates GST revenue shortfall drags down tax revenue estimates

The GST Council may consider reduction in tax rates on host of items with low revenue implications as part of the tax rationalisation exercise in its next meeting on July 21.

The items which could be considered for cutting of tax rates might include sanitary napkins, handicrafts and handloom goods, besides certain services.

Several industry bodies and stakeholders have been demanding duty cut on items, especially those linked to general health and employment generation in unorganised sector.

"The Council will take up the issue of rationalisation of taxes on various commodities in view of demand raised by stakeholders. It would focus mainly on those items which are of general consumption, and have low revenue implication," an official said.

Most handloom and handicraft products, as well as sanitary napkins are currently taxed at 12 per cent, while there are demands to exempt them from the levy.

Under the Goods and Services Tax regime, there are four rates -- 5 per cent, 12 per cent, 18 per cent and 28 per cent. Rolled out on July 1, 2017, GST had subsumed over a dozen local levies and transformed India into a single market with seamless flow of goods.

The all powerful GST Council had, in its meeting in January 2018, decided to slash the GST rate on 54 services and 29 items.

In its November 2017 meeting, the council had removed 178 items from the highest 28 per cent category, while cutting tax on all restaurants outside starred-hotels to 5 per cent.

WATCH THIS ZEE BUSINESS VIDEO HERE

In the first year of GST in 2017-18, the government earned Rs 7.41 lakh crore from the tax since its roll out in July. The average monthly collection was Rs 89,885 crore.

In the current fiscal, the collections in April touched a record Rs 1.03 lakh crore, followed by Rs 94,016 crore in May and Rs 95,610 crore in June.

Union Minister Arun Jaitley had exuded confidence that higher revenue collections will enhance the capacity of the government to rationalise tax rates going forward. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Goods and Service Tax (GST)Finance Minister Arun Jaitley
RELATED NEWS
FICCI congratulates Modi government on 2nd anniversary of GST, calls it landmark taxation reform FICCI congratulates Modi government on 2nd anniversary of GST, calls it landmark taxation reform
Housing prices up 7 pc, sales down 28 pc, supply dips 64 pc in last five years: Anarock Housing prices up 7 pc, sales down 28 pc, supply dips 64 pc in last five years: Anarock
Planning to buy a luxury car, jewellery this year? Here's good news for you Planning to buy a luxury car, jewellery this year? Here's good news for you
BLACK Money Fear BACK: Input tax credit removal on select items against GST spirit, say experts BLACK Money Fear BACK: Input tax credit removal on select items against GST spirit, say experts
GST revenue shortfall drags down tax revenue estimates GST revenue shortfall drags down tax revenue estimates

LATEST NEWS

Covid 19 Phase 2: These government employees to be reimbursed 'medical expenses' for coronavirus vaccination

Trinamool candidate list 2021: Over 20 MLAs, ministers dropped from TMC candidacy for upcoming Assembly polls

West Bengal, Assam Assembly elections 2021: After TMC, BJP likely to release candidates lists today

Aadhaar card-based driving licence service: Check step by step guide to renew your driving licence online without going to RTO

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

Call of Duty Mobile vs Garena Free Fire comparison: Here's all you need to know about these battle royale games

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

HSSC Recruitment 2021: Application forms reopened for Patwari, Canal Patwari and Gram Sachiv posts; Check where to apply online and how

Solid Fuel Ducted Ramjet successful flight test : How it gives technological edge to DRDO and boosts its long range air-to-air missiles capabilities—EXPLAINED

Airbag for front-seat passenger made mandatory from THIS date

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved