GST Council fixes rates for gold, textiles, footwear See full chart
Under the GST system, the purchase of gold and ornaments will be expensive. At the same time, the cost of costing up to Rs 1,000 will be cheap. GST Council President Jaitley said after the 15th meeting of the council . “At this time gold is charged 1 per cent and one per cent VAT by the States. Keeping these rates in mind . The Council has decided to impose a 3% tax on unanimous gold and gold ornaments after much deliberation.
In the 15th meeting of the GST Council on Saturday, it was decided to impose GST at 0.25 per cent on uncut diamonds at a rate of 0.25 per cent. Two rates of 5 and 12 percent for agricultural equipments were kept.
According to the decision taken in the Council, all types of biscuits will have GST at the rate of 18 percent. Similarly, on a footwear priced at Rs 500, the GST would be at 5% rate. More than this, slippers and boots will be priced at 18 percent rate of GST. Jaitley said that a great relief was given in the case of footwear and clothes.
The silk and jute fiber is kept free of GST in the clothes category, whereas cotton and natural fibers and all types of threads will be charged at the rate of 5 percent GST. Man-made fibers and threads, however, will be in the category of 18 percent GST.
GST will be charged at the rate of 5 percent for all types of clothes, while GST will be applicable at a rate of 5 percent for clothes up to Rs 1,000. Currently it is taxed at a rate of 7 percent. GST will be priced at a rate of 12 percent on clothes worth more than a thousand rupees. He said that the next meeting of the Council will be on June 11, in which preparations for implementation of GST from July 1 will be reviewed.