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GST rates for gold and textiles fixed; roll out from 1st July

By Newsd
Updated on :
15th GST council meet begins today; to finalise rates on gold,textiles
Source: BusinessStandard

A meeting of the 15th Goods and Services Tax (GST) Council began at the Vigyan Bhavan, Delhi, on Saturday to finalise the taxes to be levied on Six commodities, including, gold, textiles, footwear, agriculture, handloom and handicrafts.

Here are the highlights:

  1. Rate for gold, gems and jewellery fixed at 3%
  2. A nominal rate of 0.25 imposed on rough diamond
  3. Bidi to be taxed at 28% without cess
  4. Footwear below the price of Rs 500 to be taxed at 5%, rest at 18%
  5. Biscuits of all types to be taxed at 18%
  6. GST on readymade garments fixed at 12% while the fabric cotton at 5%
  7. 0% tax on jute

Read more: 83 services exempted from GST

The centre and states are all geared up to roll out the new indirect tax regime from July 1 and this is expected to be the last GST council meeting before the rollout.

Last month, the GST council announced the four tax slabs for over 1,200 goods and 500 services. The slabs 5, 12, 18 and 28 percent were set.

As for the transition rules approved by Council, the industry had been demanding some relaxation of the provision of deemed credit.