New Delhi [India], September 6 (ANI): Union Minister Sukanta Majumdar welcomed the Goods and Services Tax (GST) reforms, calling it a “historic decision” taken under the leadership of Prime Minister Narendra Modi.
Speaking to ANI on Friday, the Union Minister said, “GST has been reduced; this is a very historic decision because the 18% slab has been eliminated. Tax has been made zero on things related to education. Tax has been made zero on many such things, which will benefit the middle class and poor people.”
The 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent rates.
The 5 per cent slab consists of essential goods and services, including food and kitchen item like butter, ghee, cheese, dairy spreads, pre-packaged namkeens, bhujia, mixtures, and utensils; agriculture equipment; handicrafts and small industries; also medical equipment and diagnostic kits.
The 18 per cent slab consists of a standard rate for most goods and services, including automobiles such as small cars and motorcycles (up to 350cc), consumer goods like electronic items, household goods, and some professional services, a uniform 18% rate applies to all auto parts.
Additionally, there is also a 40% slab for luxury and sin goods, including tobacco and pan Masala, products like cigarettes, bidis, and aerated sugary beverages and on luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters.
Moreover, some essential services and educational items are fully exempted from GST, including individual health, family floater and life insurance; also, certain services related to education and healthcare are GST-exempt. (ANI)
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