The GST Council on Friday cut tax rates of over 175 products that were in the highest tax slab of 28% under the Goods and Services Tax (GST) regime.
Currently only 50 items have been left in the 28% category out of a total of 227 items that were present earlier.
Almost 227 items were there in 28% GST slab, now only 50 remain, which are mostly luxury items, rest have been put in 18%: Sushil Kumar Modi, Bihar Dy CM #GSTCouncilMeetpic.twitter.com/bjds4iVEJT
The two-day GST Council meet is said to approve changes with respect to reduction in late return filing fees, cut in tax imposed on AC and non-AC restaurants and cut in composition scheme to traders.
Revenue implications of the move have been estimated to touch Rs 20,000 crore.
GST, which came into play on July 1, 2017, has four tax slabs - 5%, 12%, 18% and 28%. Daily use products which were kept in the same tax slab as luxury goods are estimated to become cheaper.
The items with a possible revised tax slab were listed as - chewing gum, chocolate, detergent powder, washing powder, shaving cream, makeup items, hair products, after shave and granite.
While AC and cement are products that may still be under the 28% tax slab.
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