New Delhi: The almighty GST Council on Friday finished duty rates for administrations under the Goods and Service Tax (GST) administration which is planned to be taken off from July 1.
The GST rates for everything except six things were finished at the principal day of the two-day meeting of the GST Council, headed by Union Finance Minister Arun Jaitley and containing state delegates.
Costs of foodgrains, particularly wheat and rice, will descend as they will be absolved from the GST. Presently, a few states exact Value Added Tax (VAT) on them.
"We have concluded assessment rates for a larger part of things and also the excluded list (at today's meeting)," Jaitley told correspondents.
Out of the 1,211 things, the GST rate for everything except six was settled on the primary day, he said.
"Rates have been concluded for the rest," he stated, including GST for bundled nourishment things is to be finished later.
"(With) the standard rate things of 12.5 percent and 15 percent, in addition to the falling impact of nearby assessments, the expense rate was going up to 30-31 percent. These 30-31 percent charges... Have all been conveyed down to 28 percent.
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