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Now, only 35 goods in highest tax bracket of GST

There were around 226 goods in the 28 per cent category when Goods and Services Tax (GST) was implemented on July 1, 2017.

Over the last one year, the Council, chaired by Union Finance Minister and comprising state ministers, has slashed rates in 191 items. The 35 goods, which will be left in highest slab once the new GST rates are implemented from July 27, also include cement, automobile parts, tyres, automobile equipments, motor vehicles, yachts, aircrafts, aerated drinks, betting and demerit items like tobacco, cigarette and pan masala.

After the latest rounds of rate cuts by the GST Council on July 21, only 35 items are left in the 28 per cent tax slab, an official said. The Council brought down tax rates to 18 per cent from 28 per cent on 15 items, including vacuum cleaners, washing maching, 68 cm (27 inch) TV, fridge, laundry machines, paints and varnishes.

The official said that the revenue loss would be only notional and increased consumption and compliance would lead to more revenues to the exchequer.

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