GoM decides to cut GST on 20-litre water bottles, bicycles to 5%; raise rate on shoes, watches
GST rate rationalisation on Saturday decided to lower tax rates on 20-litre packaged drinking water bottles, bicycles and exercise notebooks to 5 per cent, but suggested raising taxes on high-end wrist watches and shoes, an official said. The rate rejig decision taken by the GoM on GST rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary would lead to a revenue gain of Rs 22,000 crore, the officials added.
The GoM proposed reducing GST on packaged drinking water of 20 litres and above to 5 per cent from 18 per cent. If the GoM's recommendation is accepted by the GST Council, the GST on bicycles costing less than Rs 10,000 will be reduced to 5 per cent from 12 per cent.
Also, GST on exercise notebooks will be reduced to 5 per cent from 12 per cent, the GoM proposed.
The GoM also suggested hiking GST on shoes above Rs 15,000 a pair and on wrist watches above Rs 25,000 from 18 per cent to 28 per cent.
The GoM on rate rationalisation in its previous meeting on Saturday had discussed tax rate tweaks on over 100 items, including lowering taxes on certain goods from 12 to 5 per cent, to give relief to the common man.
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