GST on gold fixed at 3 % |
India`s Finance Minister Arun Jaitley decided on the tax rate of six items including gold, textiles and footwear. The council announced its decision of setting up a committee to look into complaints regarding anti-profiteering clause. The council has taxed gold at 3 per cent, packaged food items sold under registered trademarks will be taxed at 5 per cent and solar panels will be taxed at 5 per cent. Footwear below Rs 500 will be taxed at 5 per cent and footwear above Rs 500 will be taxed at 18 per cent. Biscuits will be taxed at 18 per cent; cotton and natural fiber at 5 per cent ; silk and jute t nil ; manmade at 18 per cent. Tax for bidi at 28 per cent, without cess, while that of tendu leaves at 18 per cent. The next meeting of GST Council on has been fixed on June 11. The GST Council has already fitted over 1,200 goods and 500 services in the tax bracket of 5, 12, 18 and 28 per cent last month. GST, to be rolled out from July 1, will unify 16 different taxes and make India a single market.
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