New Delhi : West Bengal Finance Minister Amit Mitra on Sunday termed the latest revision of the Goods and Services Tax (GST) as the big win for the small and medium scale enterprises of the nation.
“This is a revolutionary development, I was very happy to have proposed it, several ministers and my senior colleagues have supported it this is big victory for small and medium enterprises of India,” said Mitra.
He said major development in the job area which is very significant will make India competitive.
Echoing similar sentiments Kerala Finance Minister T. M. Thomas Isaac asserted that he is in tune with the new amendments.
“We now have no issues. The GST will be rolled out on July 1 and we are ready,” said Isaac.
After chairing the 16th meeting of the GST Council, Finance Minister Arun Jaitley said the council has decided to reduce tax rates of 66 items.
Post the 16th GST Council, Jaitley said the rates of 66 items under the upcoming GST regime have been revised as against representations received for 133 items.
Traders, manufacturers and restaurants with turnover of up to Rs. 75 lakh can avail themselves of the composition scheme, against Rs. 50 lakh earlier.
According to the revised tax percentages, GST on insulin, incense sticks have been lowered to 5 percent and school bags will attract tax of 18 percent. Tax rate on computer printers have been lowered to 18percent from 28 percent.
The GST on movie tickets below Rs. 100 has been cut to 18 percent and 28 percent tax on tickets above Rs. 100.
The council is again meeting on June 18. (ANI)