GoM recommends to lower GST rate on water bottles, bicycles to 5%: Report

Quick Summary:

The GoM on GST rate rationalisation on Saturday decided to lower tax rates on 20-litre packaged drinking water bottles, bicycles and exercise notebooks to 5 per cent, but suggested raising taxes on high-end wrist watches and shoes, an official said.

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 officials added.

The GoM proposed reducing GST on packaged drinking water of 20 litres and above to 5 per cent from 18 per cent.

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Category: BusinessFinance

Markets: India

Topics: Group of ministers GST revised rates GoM meeting GST rate cut

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-19 @ 17:42:24 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 422 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23126447

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