GST update: Chocolate, soap, granite to cost less

GST has finally given traders and consumers something to cheer about. The GST Council after several deliberations has decided to reduce tax rate on many daily use items by bringing down their GST tax rate to 18 per cent.

With this amendment, only high-end items and sin goods will be taxable at 28 per cent, which is now applicable for just 50 items. These include high priced electronic goods such as washing machine, refrigerator and demerit items like tobacco, pan masala.

Now GST rate on chewing gum, chocolates, women cosmetics, shaving and after-shave items, deodorants, detergents and granite and marble is reduced to 18 per cent from the earlier rate of 28 per cent. The GST Council which includes finance ministers of states unanimously decided on the reduction of the rates which is the biggest cut since the implementation of the unified tax regime.