Hailing the recent rate cuts and recommendations by the GST Council as progressive for India, Narendra Modi accolades the move. With this a score of consumer items will see a sharp rejig in price with effect from November 15.
Major changes in GST since its launch on July 1, Read all about it here.
"As part of efforts to rationalise GST structure, the council has been reviewing rates from time to time. In the last three meetings, we have been systematically looking at 28 percent tax bracket and rationalising certain items out of that bracket into lesser categories, mostly 18 percent or even less," Jaitley said making the announcement.
Complete list of items that will now cost less; Read here.
Now, shortly after the major revamp has been made in respect of GST rate cuts and a number of other moves. The Council will in coming meets will puts its focus on lower GST slab rates.
The main reason aiming these revamps is to rationalise tax rates and make them more efficient as against earlier indirect tax regime such that both industry and consumers do not eventually run up making losses.