GST/ IGST exemption on import of specified defence goods not manufactured indigenously
The Goods and Services Council (GST Council) slashed the tax rate on hotel tariffs, lowered rates on gems & jewellery, defence and automobiles. The GST on caffeinated beverages has, however, been increased from 18 per cent to 28 per cent, plus with an additional 12 per cent cess.
"Exemption from GST/IGST is being given on import of specified defence goods not being manufactured indigenously," speaking after the GST Council meeting in Goa on Friday, Finance Minister Nirmala Sitharaman said, "it's being extended only up to 2024. Supply of goods & services to FIFA & other specified persons also exempted for U17 Women's World Cup in India."
Among other major items, the GST Council has reduced compensation cess on passenger vehicles with a seating capacity of 10-13 persons by 1-3 per cent. Railway wagons, coaches and rolling stocks would, however, now attract higher GST of 12 per cent from 5 per cent earlier. In a major boost to gems and jewellery sector, the GST Council recommended to slashing GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent now. In a welcome move, rates for cups and plates made from leaves and hides is down to nil.
UPS & DOWNS
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- GST/ IGST exemption on import of specified defence goods not manufactured indigenously
- GST on caffeinated beverages up from 18% to 28%, plus with additional 12% cess
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"The GST rate on slide fasteners reduced from 18% to 12%, marine fuel 18% to 5%, 12% to 5% on wet grinders consisting of stone as a grinder, & 5% to nil on dried tamarind," she said. The revised GST rates would become effective from October 1, 2019.
Members attending the 37th Goods and Services Tax Council meeting also paid their respects to later former Union Finance Minister Arun Jaitley. Jaitley, as Finance Minister in the first Narendra Modi regime, was one of the key players in the roll-out of the new tax regime, which came into being in 2017 and formation of the GST Council.
Zee Media Newsroom
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