Sanitary napkins to be exempt from GST

21 July, 2018, 21:38 | Author: Brooke Harris
  • Abolish 28% GST Slab Says Delhi Deputy Chief Minister Manish Sisodia

Many handicraft items such as stone, marble and wooden deities, rakhis without precious stones, brooms and commemorative coins have been made fully exempt from GST, Union Finance Minister Piyush Goyal said. "Rakhis have been exempted from the GST, the tax on ethanol has been cut to 5 per cent, small handicraft items have been exempted", Goyal said.

The next GST Council meeting will be held on 4 August.

After a year-long campaign, the GST on sanitary napkins has finally been abolished.

The tax on handbags, jewellery boxes, wooden boxes for paintings, glass artware, ornamental framed mirrors and handmade lamps, among other things, have been reduced to 12%.

Goyal asserted on the importance of reducing the tax on ethanol, as not only is it used for blending with petrol and diesel, it is also vital for the sugar industry, and will thus be very beneficial for the sugarcane farmers.

In terms of tax returns, Mr Sisodia said quarterly returns for traders having turnover up to Rs 5 crore has been approved by the GST Council.

The new rates will come into effect from July 27.

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"This is a major step towards rationalising the 28 percent tax slab, which has been narrowed to only a few commodities in the past 13 months", Jaitley tweeted. Millions of consumers, small traders and artisans will benefit from the move ahead of the festival season.

Handloom items such as knitted caps priced below Rs 1,000 will now attract a lower GST rate of 5 percent.

"I think the 28 percent tax slab should be done away with. It has also been decided that the GST Council will rise above revenue consideration and focus more on job creation and economic growth", Goyal said.

Asked about the revenue impact of the tax rate cut, Goyal said it will only be "nominal". Mr Goyal said, return forms will be simplified into two formats - Sugaam and Sahaj.

The next meeting of the Council is slated on 4 August, which will discuss issues relating to the MSME sector as well as ways to incentivise digital transaction via Rupay cards and BHIM app. The reverse charge mechanism was already on hold until September 30 this year.

Amendments such as the omission of liability to pay tax on the reverse charge, enabling new return filing procedures, allowing more service providers to opt for composition scheme, among others has been suggested.The amendments in the Central GST (CGST) Act, 2017 will now have to be cleared by the Cabinet and will ultimately require the Parliament's nod.

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