Union Finance Minister Arun Jaitley has announced slashing of GST on many items, providing some relief to traders as well as people.

The uniform tax regime Goods & Services Tax (GST) came into force with effect from 01st July across the country. The change in tax regime, which is a result of plenty of Parliamentary debate and convincing attempted by the ruling BJP at the Centre, is an apparent effort to check black-money laundering and to bring transparency in all dealings indulged in by the business community and the people.

Under the present arrangement, GST is collected on all products and services under four slabs: 5%, 12%, 18% and 28%. For some luxury products, cess is collected in addition to the GST. The Centre convenes frequent meetings of the ‘GST Council’ comprising Finance Ministers of all States/UTs and headed by Union Finance Minister Arun Jaitley to discuss the practical difficulties/modalities in implementing the GST.

After chairing the 23rd meeting of the GST Council held in Guwahati yesterday, Jaitley told newsmen that the Council had decided to reduce tariff/slab on many articles/items under GST. “178 articles have been brought down from the 28% slab to 18%, 13 products have been brought down to the 12% slab from 18% slab, 5 products from 18% slab to 5% slab while GST on 6 products has been reduced to ‘Nil’ from the existing 5%; the change would take effect from 15th November onwards,” he informed.

All A/C and non-A/C restaurants would henceforth be collecting only 5% GST from their customers, he added.