GST rates to be cut on 20-litre water bottles, exercise books to 5%
The Group of Ministers (GoM) for GST rate rationalisation has decided to lower the tax rates on 20-litre packaged drinking water bottles, bicycles and exercise notebooks to 5% from 18% earlier, according to a PTI report which cited unnamed officials.
21 Oct 2024 | 2260 Views | By Charmiane Alexander
The GoM is a committee formed by the Goods and Services Tax (GST) Council to address specific issues.
The rate rejig decision taken by the GoM on GST rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary would lead to a revenue gain of Rs 22,000-crore.
The six-member GoM on GST rationalisation also included Uttar Pradesh Finance Minister Suresh Kumar Khanna, Rajasthan Health Services Minister Gajendra Singh, Karnataka Revenue Minister Krishna Byre Gowda, and Kerala Finance Minister K N Balagopal.
The GoM on rate rationalisation in its previous meeting had discussed tax rate tweaks on over 100 items, including lowering taxes on certain goods from 12% to 5%, to give relief to the common man.