"The broad level reductions in rates could lead to lower tax collections", said M S Mani, partner at consulting firm Deloitte India. Yet a few have raised questions about what the new rate will actually mean, and why the government had spent the a year ago arguing that a lower tax rate would be a bad thing.
"Every state wanted that the rates on these items be lowered so that the middle income households are benefitted ..." Finance Minister Piyush Goyal will chair the 28th meeting of the Council. Footwear costing up to Rs 1,000 will now attract 5 per cent GST. "By imposing 12% GST on sanitary napkins, the government has tried to make a mockery of women", said Pooja Singh, Secretary of the NGO.
Amar Tulsiyan, founder of Niine Movement, called Saturday's decision "a big win for everyone" in India, where, he said, 82 percent women and girls have no access to sanitary pads.
Besides, sanitary napkins, deities made of stone, marbles or wood, Rakhis without any precious metals like gold, silver, raw material used in brooms, Saal leaves and fortified milk have been exempted from GST. They will have to, however, pay taxes monthly.
The Council has also approved quarterly filing of return for the small taxpayers having turnover below Rs 5 crore.
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"Today's meeting has taken a number of decisions unanimously".
GST on mixer grinder, perfumes, cosmetics, shavers have also been reduced from 28 percent to 18 percent, the FM said.
"Radio Mirchi's RJ Charu posted this funky picture of a pad that looks too cool for school, while comic Sumukhi Suresh kept it simple with her tweet that just said: "#lahukalagaan maaf" (tax on blood waived). It is estimated to cause a revenue loss of around Rs 8,000-10,000, crore with cuts in the peak 28% slab alone costing the exchequer about Rs 6,000 crore. Between Rs 2,500 to below Rs 7,500 GST is levied at 18 per cent and that of Rs 1,000 and below Rs 2,500 it is 12 per cent.
As per NDTV reports, lawmaker Sushmita Dev had launched a petition to demand a reduction or total removal of taxes on pads, citing that about 70 per cent of women in the country could not afford them.
The council also deferred the implementation of reverse charge mechanism by another year and now it will come into force from October next year. The RCM, which was already on hold till September 2018, is considered as an anti-evasion tool.
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Mr Goyal said, GST council has cleared 46 amendments which will be passed in Parliament.
The minister further informed that the council would have a special meeting on August 4 to address concern of small and medium enterprises.
A Committee led by Bihar Deputy Chief Minister Sushil Modi will look into ways to promote digital payments using these modes. Those yet to register under GST will be given extension till August 31 without late penalty.
This will reduce harassment of transporters, he said.
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