GST Council Lowers Rates For These Categories
The 16th GST Council meeting resulted in lower GST rates on Agarbatti, Tractor components and more.
The Goods and Services Tax Council revised the tax rate for 66 categories on Sunday, after considering 133 representations made by various trade and industry bodies, said the Union Finance Minister Arun Jaitley, in a press briefing after the meet ended.
Goods that are going to attract a lower rate include products like tractor components, ball bearings and select packaged goods like pickles and ketchup. Another sector that could benefit from the lower tax rate includes publishers printing drawing books and note books. Insulin is also going to be taxed at a lower rate under the new structure. Direct-to-home set top boxes will also attract a lower rate under the revised list.
Here is the full list shared by the GST Council on the revised rates.
