GST council reduces tax levels in 66 cases including printers, insulin, school bags

The Finance Minister Arun Jaitley on Sunday addressed media after meeting of Goods and Services Tax (GST) council. Jaitley said that next meeting of the council will be on next Sunday, 11:30 at same venue.

Jaitley said that he has received representation for about 133 goods and after considering representation, the GST council has reduced tax levels in 66 cases.

“Traders, manufacturers and restaurants with turnover of up to Rs 75 lakh can avail the composition scheme, against Rs 50 lakh earlier. GST Council lowers tax rate on computer printers to 18 per cent from 28 per cent. GST on insulin, agarbatti lowered to 5 per cent; school bags to attract tax of 28 per cent, said Arun Jaitley.

"GST on movie tickets below Rs 100 cut to 18 per cent; 28 per cent tax on tickets above Rs 100. During the next meeting of GST Council on June 18, council to take up lottery taxes, e-way bill," said FM Jaitley.