TIL Desk/Business/New Delhi/ The all-powerful GST Council on Thursday cut tax rate on 29 goods, including second-hand vehicles, confectionery and bio-diesel, while veering around to simplifying return filing process for businesses. Also, tax rate on 54 categories of services, including certain job works, tailoring services and admission to theme parks, have been lowered.
The panel at its next meeting may also consider bringing under the Goods and Services Tax (GST) purview items like petroleum and real estate which are currently outside the new regime, Finance Minister Arun Jaitley said. The Council cut GST rate on second-hand medium and large cars and SUVs from 28 per cent to 18 per cent and on other old and used motor vehicles to 12 per cent.
Tax on diamonds and precious stones was slashed to 0.25 per cent from current 3 per cent. While tax rate for bio-diesel was slashed to 12 per cent from 18 per cent, that for public transport buses run on environment-friendly bio-fuels has been reduced to 18 per cent from 28 per cent previously.
Tax rate on irrigation equipment, sugar boiled confectionery, drinking water packed in 20-litre bottles, fertiliser grade phosphoric acid, tamarind kernel power, mehendi paste in cones, LPG supplied by private distributors, articles of straw, velvet fabric and rice bran was also cut.
