GST tax reduced in many items.
GST Council on Thursday decided to reduce GST rates on 53 services and 29 items. After the meeting, Finance Minister Arun Jaitley said that the Council discussed the simplification of GST return filing process. However, no decision could be taken to bring petroleum products to the realm of GST. The new tax rate will be applicable from January 25th. Old cars and diamonds will also get cheaper due to the revised rate implementation. The massive reduction in the GST rate will result in a revenue loss of around Rs 1000-1200 crore.
Petroleum Products decided to bring the GST is currently pending, the demand has been for a long time. Jaitley said there was no discussion in the meeting on this issue. It may be discussed in the next meeting.
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