Key takeaways from the 22nd GST Council Meet

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Key takeaways from the 22nd GST Council Meet
Key takeaways from the 22nd GST Council Meet

New Delhi : Facing severe criticism over the implementation of Goods and Services Tax, the government on Friday night announced a slew of measures to ease the concerns of traders, exporters and small business while slashing the rates on 27 items of common consumption, including roti, khakra, namkeens, stationery, man-made yarn - with most of them brought to five per cent category.

Of daily use items, GST on zari work, unbranded ayurveda medicine, dried mango, e-waste, plastic and rubber waste has been reduced to five percent. Tax on stationery items, diesel engine parts, pump parts, flooring stones other than marble and granite has been reduced to 18 percent. 

GST has been abolished on import of a number of goods, including rigs for oil and gas exploration and medicines supplied free by international agencies and bonafide gifts up to Rs 5,000.

Finance Minister Arun Jaitley made the announcements after a day-long 22nd meeting of the GST Council that took note of the difficulties faced by various businesses, a development that came two days after Prime Minister Narendra Modi promised to remove the shortcoming in the new indirect tax regime and to ease woes of traders. 

Here are the key takeaways from the GST Council meeting: