gst rate cut: small televisions, lithium ion batteries to become cheaper
To give ordinary people a sigh of relief, the Goods and Services Tax Commission lowered the tax rate on more than 50 commodities, including small TV and lithium, on Saturday. Ion batteries will now be taxed 18% from the current 28%. In addition to reducing the tax rate, the goods and services tax (GST) The council also exempted other products from GST. Finance Minister Piyush Goyal told the media after 28 meetings of the GST Council that these changes will take effect nationwide from July 27. Refrigerator, small TV, lithium battery 25 inch Household appliances such as ion batteries, vacuum cleaners, food grinding machines, mixers, etc. . . . \"Storage water heaters, immersion heaters, hair dryers, hand dryers, electric smooth irons, etc. have been taken to the 18% flat panel,\" said Goyal . \". The minister said another important decision made by the council was to relax the return application process by approving two new simplified forms \"sugar\" and \"sahaj. In addition, the annual turnover of enterprises up to rupees. 5 crore must submit a quarterly return instead of the current monthly return, although they will continue to pay taxes on a monthly basis. However, the minister clarified that it would take some time to implement the revised return filing process because the GST Network had to make corresponding changes. The council also postponed the implementation of the reverse charging mechanism for one year and now takes effect from next October. The minister also informed that the Council would hold a special meeting in August 4 to address the concerns of SMEs. Except other taxes Goyal said the tax rate for crafts has dropped from 12% to 18%. During the meeting, the Council also made certain amendments to the GST code, including raising the turnover ceiling for the selection of constituent plans from Rs. 1 crore to Rs. 1. 5 crore. It has also approved an amendment that enables taxpayers to choose to register multiple times in one state on multiple business premises located in the same state.