Opinion

Deepawali Bonanza to Indians by PM Modi; More than 50% reduction in GST

Since GST was implemented, PM Narendra Modi was targeted with fake allegations by the party that looted India for nearly 70 years. The allegations grew so stronger that even common people thought that Modi is running Indian economy.Since GST was implemented, PM Narendra Modi was targeted with fake allegations by the party that looted India for nearly 70 years. The allegations grew so stronger that even common people thought that Modi is ruining Indian economy.

They tried to project demonetisation was as a blunder but Modi proved them wrong. They said that GST implementation will ruin Indian economy but PM Modi proved them wrong again. It was apparent that GST will help to achieve a milestone in Indian economy and now Modi has further modified certain rules which will help the common man.

GST started with the goal of “One nation, one tax” which is further enhanced by the modification done yesterday at the GST Council’s 22nd meeting held in New Delhi.

Once again the PM who works for 18 hours has proved that he will not push Indians into trouble.

What are the key decisions which will give a big relief to small and medium taxpayers?

GST Council slashed rates for 27 items

• GST on mangoes sliced dried has been reduced from 12% to 5%.

• GST on khakra and plain chapati / roti has been reduced from 12 % to 5%.

• GST on food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government, subject to specified conditions has been reduced from 18 % to 5%.

• GST on Ayurvedic, Unani, Siddha, Homeopathy medicines, other than those bearing a brand name has been reduced from 12 % to 5%

• GST on namkeens other than those put up in unit container and, –                               (a) bearing a registered brand name; or                                                                         (b) bearing a brand name on which an actionable claim or enforceable right in a court of law is available (other than those where any actionable claim or enforceable right in respect of such brand name has been foregone voluntarily) has been reduced from 12% to 5%

• GST on poster Colour has been reduced from 28% to 18%

• GST on modelling paste for children amusement has been reduced from 28% to 18%

• GST on plastic waste, parings or scrap has been reduced from 18% to 5%

• GST on rubber waste, parings or scrap has been reduced from 18% to 5%

• GST on hard Rubber waste or scrap has been reduced from 28% to 5%

• GST on paper waste or scrap has been reduced from 12% to 5%

• GST on duty credit scrips which was 5% has now been completely removed

• GST on sewing thread of manmade filaments, whether or not put up for retail sale has been reduced from 18% to 12%

• GST on all synthetic filament yarn, such as nylon, polyester, acrylic, etc. has been reduced from 18% to 12%

• GST on all artificial filament yarn, such as viscose rayon, Cuprammonium, has been reduced from 18% to 12%

• GST on sewing thread of manmade staple fibres has been reduced from 18% to 12%

• GST on yarn of manmade staple fibres has been reduced from 18% to 12%

• GST on real Zari has been reduced from 12% to 5%

• GST on all goods falling under heading 6802 (other than those of marble and granite or those which attract 12% GST) has been reduced from 28% to 18%

• GST on cullet or other waste or scrap of Glass has been reduced from 18% to 5%

• GST on fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles, of base metal; staples in strips (for example, for offices, upholstery, packaging), of base metal has been reduced from 28% to 18%

• GST on plain Shaft Bearing 8483 has been reduced from 28% to 18%

• GST on parts suitable for use solely or principally with fixed Speed Diesel Engines of power not exceeding 15HP has been reduced from 28% to 18%

• GST on 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 has been reduced from 28% to 18%

• GST on e-Waste which was 28 % and 18 % has been reduced to 5%

• GST on biomass briquettes has been reduced from 18% to 5%

Source: https://www.ndtv.com/business/gst-rates-slashed-whats-become-cheaper-1759641


Hansika Raj

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