The GST council in its 22nd review meet on Friday announced a big relief for the exporters and small and medium businesses by way of simplifying return filing. Jaitley announced a list of 27 products for which the GST rate has been dramatically reduced.
Finance Minister Arun Jaitley addressed the nation after an eight-hour long Goods and Services Tax (GST) council meeting that ended on Friday, October 6.
The items which stands out in the GST rate cut list are khakhra, the famous Gujarati snack and real zari, a yarn produced in bulk in Gujarat. The GST rates for Khakra have been reduced to 12 percent to 5 percent. This comes ahead of the Gujarat Assembly elections scheduled to be held in state later this year. Many see this as a populist measure taken by the council under the aegis of PM Modi to lure the traders and of Gujarat who form a bulk of the voting population.
The meet also decided jewellers will be brought out of the ambit of the Money Laundering Act. The decision was taken in the 22nd sitting of the GST Council. Similarly, no PAN card will be required for the purchase of jewellery over Rs 50,000.