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The Goods and Services Tax (GST) was launched with a bang on July 1 midnight, however, as with any new policy launched there are bound to be a few revisions in the process. Ahead of the next GST Council meeting on September 1, to be headed by Finance Minister Arun Jaitley, several items are under consideration for having their GST tax rates revised.
Cooking will likely become cheaper as kitchen gas lighter, dried tamarind, roasted gram, idli/dosa batter are on the on the list of over two dozen products that the GST Council is seeking a reduction in rates.
Roasted gram and dried tamarind GST has been proposed to be lowered to 5 percent from the current 12 percent. Custard powder currently being taxed 28 percent may come into the 18 percent bracket while dosa/idli batter would come into the 12 percent bracket as compared to the current 18 percent bracket. GST on oil cakes may be raised from the current nil to 5 percent.
Other items taxed at 28 percent such as plastic raincoat, rubber bands, rice rubber rolls for paddy de-husking, computer monitors and kitchen gas lighters will likely be taxed 18 percent. Corduroy fabrics and saree fall tax bracket likely to be lowered from the current 12 percent to 5 percent and GST on textile caps would be reduced from 18 percent to 12 percent.
Dhoop batti, dhoop and other similar items currently taxed 12 percent slab may soon be taxed only 5 percent, the current tax bracket for Agarbattis. Clay idols may witness a substantial reduction of tax from 28 percent to 5 percent. Rosaries and prayer beads will likely be charged with 5 percent GST as compared to the 18 percent current GST, while Hawan materials will be charged 5 percent GST as compared to the current nil.
Taxes may be removed entirely from brooms and brushes that are currently taxed with 5 percent GST.
The final decision on GST rate revision will be announced by GST Council.