After the day-long GST Council meeting, Finance Minister Arun Jaitley said small businesses would be allowed to file tax returns once a quarter instead of every month. He also said duties would be cut on some products and the threshold for lower tax would be raised.
The panel also decided to reduce tax rates for items including diesel engine parts, man-made yarn, ready-to-eat snacks, plastic and paper waste.
Here's the complete list:
S. No. |
Chapter/ Heading/ Sub-heading/ Tariff item | Description | Present GST Rate | GST Rate Recommended by the GST Council |
---|---|---|---|---|
1. | 0804 |