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9:12 am - Tuesday February 20, 2018

GST Council reduces rates of 29 goods, 53 services

Agencies, New Delhi

The Goods and Services Tax (GST) Council on Thursday decided to reduce the rates for 29 items and 53 services in categories and allowed its committees to start the process for simplifying the GST return filing process which may be finalised in the next meeting of the Council.

Briefing mediapersons here after the Council’s 24th meeting, Finance Minister Arun Jaitley said the new rates will be applicable from January 25.He also said that Council has also recommended issuance of certain clarifications on issues relating to GST rates and taxability of certain goods and services.

As per the decision of the Council, it has extended GST exemption on Viability Gap Funding (VGF) for a period of 3 years from the date of commencement of RCS airport from the present period of one year.

It has exempted legal services provided to Government,Local Authority,Governmental Authority and Government Entity.

As per the decision, all types of old and used motors vehicles, other than medium and large cars and SUVs, on the margin of the supplier of subject to the conditions that no input tax credit of central excise duty /value added tax or GST paid on such vehicles has been availed by him will attract only 12 per cent tax. It was 28 per cent as on date.

The Council also accepted the proposal to reduce GST rate on construction of metro and monorail projects (construction, erection, commissioning or installation of original works) from 18 per cent to 12 per cent.

Now the levy GST on the small housekeeping service providers, was notified under section 9 (5) of GST Act, who provide housekeeping service through eCommerce Operator (ECO) will be 5 per cent without Input Tax Credit (ITC).

The Council has reduced rate on tailoring service from 18 per cent to 5 per cent, rate on services by way of admission to theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet, from 28 per cent to 18 per cent.

Now mining or exploration services of petroleum crude and natural gas and for drilling services in respect of the said goods will attract 12 per cent GST.

Posted in: Featured, Nation

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