Will GST Council remove 12% tax slab? List of items under this slab

Will GST Council remove 12% tax slab? List of items under this slab

New Delhi:

The 56th Goods and Services Tax (GST ) Council Meeting is expected to be conducted soon. According to reports, the GST Council, chaired by the Union Finance Minister and comprising state counterparts, may discuss the removal of 12  per cent tax slab. This will reduce the number of tax slabs from four to three. According to the report, the 12 per cent tax slab does not hold much relevance now. The officials and experts advising the Group of Ministers (GoM) on rate rationalisation are reportedly on the same page that the existing slab is not very relevant, and the items under it could be shifted to either the 5 per cent or the 18 per cent tax slab.

“This could be the most plausible way to undertake a revenue-neutral tax rate rationalisation exercise. However, the GST Council has to take a final call,” the report quoted a person aware of the development.

 

Read More Gold, Silver Rates Today: Gold, silver gain amid weaker dollar | Check city-wise rates on July 21

Goods Under 12% Slab
Processed and Packaged Foods Butter, ghee, cheese, fruit juices, jams, jellies and namkeens
Dried and Preserved Fruits Almonds, dates and dried fruits
Beverages Fruit juice-based drinks and packed coconut water
Household Items Umbrellas, specific household utensils and furniture made of wood
Stationery and Accessories Pencils, crayons, handbags, and shopping bags made of jute or cotton
Footwear Below Rs 1,000
Diagnostic Kits Various medical diagnostic kits
Construction Materials Marble and granite blocks
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