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In the 25th GST Council Meeting, held before the Budget 2018, rates for how many goods have been reduced?

In the 25th GST Council Meeting, held before the Budget 2018, rates for how many goods have been reduced? Correct Answer 29

The correct answer is 29.

Key Points

  • 25th GST Council has reduced the tax rate on 29 goods and 53 categories of services by bringing them in lower category.
  • The GST rate on transportation of petroleum crude and petroleum products including ATF has bee cut down from 18% to 5% without input tax credit & 12% with it.
  • The GST rate on tailoring service has been reduced from 18 to 5%
  • The new rates will be effective from 25th Jan 2018.

Additional Information

  • GST (Goods and Service Tax) is an indirect tax levied on the sale of goods and services. 
  • This will lead to the same type of indirect tax across India, and various indirect taxes such as central excise, service tax, VAT, entertainment, lottery tax etc. will be absorbed in GST.
  • The GST was launched at midnight on 1 July 2017 by the President of India.
  • The GST is divided into five different tax slabs: 0%, 5%, 12%, 18% and 28%.
  • The GST is a unified tax that will levy both goods and services.
  • This is the 122nd amendment to the Constitution.
  • GST is divided into four parts-
    • IGST - Integrated Goods and Services Tax.
    • CGST - Central Goods and Services Tax.
    • SGST - State Goods and Services Tax.
    • UTGST - Union Goods and Services Tax.

Related Questions

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