GST Council meeting will decide, tax Rate on 8 items Tomorrow 3 June 2017

If GST is implemented, items such as Gold, jewellery, biscuits will be expensive or cheap tomorrow. Tax rates on these 8 items are scheduled to be held in the GST Council meeting tomorrow.

In yesterday’s meeting, the rate of GST will be fixed on Gold, Biscuits, Textiles, Shoe, bidi, cigarettes, farm related products and solar panels. A 5 percent rate will be offered on Gold However, except for Kerala, the rest of the state is against the GST rate of 5 percent on gold, if there is no consensus, and then it can be 3 percent.

There is a proposal of 18 percent on branded biscuits and 12 percent GST on non-branded biscuits. 5-12 percent tax on the Textile is proposed. 5% on fabric and 12% tax on readymade garments are proposed. There is a possibility of reducing GST rate from 18 percent to 5 percent on solar panels. In fact, in the last meeting, an 18 percent tax rate has been fixed on the solar panel.