Key updates of 31st GST Council Meeting Dec 2018
By: – Sandeep Rawat
Goods and Services Tax – GST
Dated:- 26-12-2018<\/p>\n
Below are the Key updates of 31st GST Council Meeting
\n1.) GST Rates of 7 items reduced from 28% to 18% . Items include tyres, VCR, billiards & snookers and lithium batteries.
\n2.) GST Rate of 33 items have come down from 18% tax slab to 12% and 5% tax bracket as they are common man's consumption goods. These items include Third Party insurance Vehicle and Solar Power Systems
\n3.) Only 34 items will be taxed at 18% GST Rate or more
\n4.) All items except luxury goods would be taxed under 28% GST Rate
\n5.) The GST Council is also looking into introducing composition scheme for the real estate sector. A view <\/p>\n
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