Arun Jaitley confirms 28% GST slab being phased out
Union Minister Arun Jaitley has confirmed that GST rates on cement, ACs and televisions will be cut as tax revenues from them increase, and only luxury and sin goods will attract the highest slab of 28 per cent. Jaitley termed the pre-GST indirect tax regime, during which most of the household items attracted a levy of 31 per cent, as "Congress Legacy Tax", in a Facebook post. The past one year, he adds, has seen rate reduction in 384 commodities. Goods and Services Tax (GST), which subsumed 17 local taxes, was rolled out on July 1, 2017. The GST Council in its meeting last week decided to reduce taxes on 88 items, like sanitary napkins, fridge, small screen TV, washing machine, footwear, among others. The new tax rates became effective from today. Only 35 goods, including cement, automobile parts, tyres, automobile equipments, motor vehicles, yachts, aircrafts, aerated drinks, betting and demerit items like tobacco, cigarette and pan masala, attract hig...
