APN News

  • Wednesday, January, 2022| Today's Market | Current Time: 07:23:32
  • GST Council at its 15th meet finalises tax rates

    Published on June 4, 2017

    arun-jaitleyThe Goods and Services Tax Council in its 15th meeting has cleared the pending rules for the rollout of the new indirect tax regime from July 1st.

    All states have agreed to the July 1st rollout timeline. The GST Council meet, chaired by Finance Minister Arun Jaitley, decided the rates of tax and cess on gold, biscuits, footwear and textiles. While biscuits will be taxed at a flat rate of 18 percent, footwear costing up to Rs 500 will be levied a 5 per cent GST and for those above this would be taxed at 18 per cent.

    In the textiles category, silk and jute fibre have been exempted, while cotton and natural fibre and all kinds of yarns will be levied a 5 per cent GST. Gold will become slightly costlier. The Council will meet again on 11th of this month to review the preparedness before the July 1 rollout. A Committee will also be set up to look into the complaints regarding anti-profiteering clause preventing companies from making undue gains post GST rollout.