Union Finance Minister Arun Jaitley said the GSTC decision to cut 34 GST tax in Delhi will be decided by the GST.
The single line of freight and service tax was brought into effect on 1 July. The GST tax rate has been fixed at 5%, 12%, 18% and 28%. The GST council is set up to decide on changes to GST line.
The 31st meeting of the GST council was held at Vigyan Bhawan in New Delhi today by Central Finance Minister Arun Jaitley. Minister Jayakumar on behalf of Tamilnadu participated in this meeting.
GST The meeting was also discussed at the simplification of the accounting and the returns to small and medium enterprises.
At this meeting, it was decided to cut the GST tax on 34 items. The GSD tax on 8 items would be reduced from 28% to 18% and GST on 26 products. The tax has been reduced from 12% to 5%. There is no GST tax cut for cement and auto mobiles. Arun Jaitley said they would have been avoided because the government would lose 33,000 thousand rupees if tax cuts were brought.
The GST line of TV and monitors, tire and lithium batteries Power Power of Lithium batteries has been reduced from 28% to 18%. The tax on goods utilized by the disadvantages have been reduced by 5%. GST is exempt from customers for the bank account.
Finance Minister Arun Jaitley said, “This tax cut will come into effect from January 1, 2019. The tax revenue will be affected by revenue of Rs 5,500 crore to the central government. The next meeting will be reviewed on the GST tax regulation regarding real estate, “he said.
Any benefit of this tax reduction will not occur to middle and poor people. Taxes have not been made for any materials affecting them. Everything is made only for trendy goods.