The Goods and Services Tax (GST) was implemented on July 1, 2017. Subsequently, we have seen some changes that have been made to the GST rates. Here are a few of them on different products.
GST implementation begins
1) No bank guarantee for exporters
To facilitate exports under GST, it was decided that furnishing Letter of Undertaking, in place of a bond, for exporting goods or services or both shall be allowed to exporters and no bank guarantee will be required.
2) GST Cess on luxury cars, SUV
The Union Cabinet approved an ordinance enabling the government to raise the goods and services tax (GST) cess on medium-to-large cars and sport Utility Vehicles
1) GST rates on dried sliced mangoes reduced
The GST rates on Mangoes sliced and dried, bought down to 5%, against the earlier GST rate of 12%.
2) Khakra/Plain Chappati GST rates reduced
GST rates on Khakhra and Chappati reduced to 5% from the earlier 12%.
3) Poster Colour GST rates slashed
Rates on poster colour cut to 28% from 18%.
4) Rubber waste, parings or scrap, GST rates cut to 5% from 18%.
5) Paper waste or scrap GST rates reduced to 5% from 12%
6) Sewing thread
GST rates on Sewing thread of manmade filaments, whether or not put up for retail sale cut to 12% from 18%.
7) Synthetic Yarn
All synthetic filament yarn, such as nylon, polyester, acrylic, etc, saw their GST rates reduced to 12% from 18%.
8) Parts of Pumps GST reduced
Parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps saw GST reduce to 28% from 18%.
9) Biomass briquettes GST reduced to 5% from 18%
10) Artificial filament yearm GST cut
All artificial filament yarn, such as viscose rayon, Cuprammonium saw their GST reduced to 12% from 18%.