GST rates slashed on 29 items: Here's what is cheaper now

The return filing process - apart from the cut in taxes on the 29 items - has also been simplified.

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New Delhi: The GST Council in its 25th meeting decided to cut tax rate on another 29 items on Thursday while also simplifying the return filing process.

The cut on taxes on the 29 items comes as good news for consumers. Following is what is cheaper now:

* The Council cut GST rate on second-hand medium and large cars and SUVs from 28 per cent to 18 per cent and on other old and used motor vehicles to 12 per cent.

* Tax on diamonds and precious stones was slashed to 0.25 per cent from current 3 per cent.

* While tax rate for bio-diesel was slashed to 12 per cent from 18 per cent, that for public transport buses run on environment-friendly bio-fuels has been reduced to 18 per cent from 28 per cent previously.

* Tax rate on irrigation equipment, sugar boiled confectionery, drinking water packed in 20-litre bottles, fertiliser grade phosphoric acid, tamarind kernel power, mehendi paste in cones, LPG supplied by private distributors, articles of straw, velvet fabric and rice bran was also cut.

The new rates would be effective from January 25.

(With agency inputs)