gt: Jaitley sees lower GST rates on cement, ACs and TVs with rising incomes

Union Minister Arun Jaitley expressed confidence today that GST rates on cement, ACs and televisions will be reduced as tax revenues increase and only property luxury and claims will reach the highest 28%.

In a Facebook post, Jaitley called the indirect tax regime before the GST, during which most household items attracted a 31 percent levy, as "Congress Tax Legacy" .

The last year, he added, saw a reduction in the rate of 384 products.

The Goods and Services Tax (GST), which includes 17 local taxes, was rolled out on July 1, 2017.

"Today, the category of 28 percent is being phased out, bulk items that remain in this category are only luxury items or sinister products." others, "said Jaitley.

"With a little more revenue expansion, these few items could also experience a category change, which causes the GST Board to almost eliminate the 28% category in a record-breaking 13 At the time when the final obituary of the "Congressional Tax Legacy" was written, only the tax on luxury and sin would remain, "he said.

With regard to the service sector, he indicated that 68 different categories of services have seen their reduction rate reduced.

"The loss of net income that the government suffered as a result of the reduction of the tax on goods and services is about 70,000 crore Rs. As state governments were guaranteed an increase of 14 percent on their pre-GST earnings for the first five years, this burden has been fully borne by the central government, "said Jaitley.

Tax reduction has reduced the cost to consumers, increased its purchasing capacity and added to the increase in consumption in the economy.

He stated that taxes on all household items went from 28% to 18% and 12%.

"All building elements, with the exception of cement, are reduced, most white goods are reduced, there is no better opportunity for consumers to shop than in the environment created by the GST. reform since independence, which replaced "Tax Legacy of Congress" with a "good and simple tax," said Jaitley.

At its meeting last week, the GST Council decided to cut taxes on 88 items, including sanitary napkins, refrigerators, small screen televisions, washing machines and shoes. The new tax rates have become effective as of today.

To date, only 35 goods, including cement, auto parts, tires, automotive equipment, automobiles, yachts, aircraft, soft drinks, bets and demerits, such as tobacco, tobacco and masala. percent.