AMN
The government Thursday said that , items like foodgrains, flour, milk, vegetables and fruits will get cheaper by four to five per cent after the roll out of the Goods and Services Tax from the 1st of July.
According to the Finance Ministry, items like cereals, pulses, atta, maida and besan will be cheaper as they will attract zero rate. Besides, milk, vegetables and fruits, Common salt, puffed rice, salt, organic manure, animal feed, fire wood, raw silk, wool, jute and hand-operated agriculture equipment too will be zero-rated under the new indirect tax regime. However, branded foodgrains and flours with registered trade mark will attract 5 per cent tax under GST.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, have over the last two meetings decided on the tax rates of almost all goods and services. They have been put in tax slabs of 5, 12, 18 and 28 per cent with the exception of precious metals and imitation jewellery which will attract 3 per cent GST and rough diamonds which will be taxed at 0.25 per cent.
The GST will subsume various central and state levies, including excise, service tax and VAT.
Meanwhile the Finance Minister thanked all the political parties for their cooperation and contribution in making it possible to launch Goods and Services Tax with effect from 1st July this year
