GST Council likely to waive tax on 30-40 items in Saturday meet


GSTTax rates on 30-40 items are most likely to be waived off by the Goods and Services Tax (GST) Council in their upcoming meet on Saturday.

It is also expected that natural gas and aviation turbine fuel will not be included under GST’s ambit for the time being.

In its meet, the Council is set to approve a wide-range of modifications in laws to further simplify the indirect tax system.

Items that will go under a tax cut will be sanitary napkins, handlooms, handicrafts and several others, according to the sources.

All the alterations and final nod on tax deduction will be taken up by the Council  all-powerful meet on 28th meeting in New Delhi.

While some items will be brought under the tax slab and few exclusions, the decision will not have major impact on the revenue , the source said.

Last week, Union Finance Minister Piyush Goyal had said that the Council may take up the point of rationalising tax rates on some items on the basis of ‘meritorious reason’ without hampering revenue collection.

“GST Council has already reduced rates on 328 items, so you may possibly find some chance (of rate reduction) where there is a meritorious reason. It has to be in balance with revenue consideration,” Goyal had said.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.