Friday, November 16 2018

January 19, 2018

GST rates on 29 goods and 53 categories of services will be reduced

New Delhi-Finance Minister Arun Jaitley informed that GST Council has reduced the tax rate on 29 goods and 53 categories of services by bringing them in lower category. The new rates will be effective from 25th of this month.Goods and Services Tax rate on tailoring service has been reduced from 18 to 5 percent and tax on entry services to theme parks, water parks, joy rides, merry-go-rounds, go-carting and



ballet from 28 percent to 18. The tax rate on construction of metro and monorail projects has been brought down from 18 percent to 12 percent. Besides, the rate on job work services for manufacture of leather goods and footwear has been reduced to 5 percent.Union Minister said, it was also discussed to simplify the return filing process by merging all three types of GST returns into a single return. He said, Nandan Nilekani gave a detailed presentation on simplification of return filing process.