28% slab rate only applicable on 34 items: FM Arun Jaitley
Updated:7 years, 1 month ago
New Delhi, Dec 22 (ANI): Union Finance Minister Arun Jaitley briefed the media post the 31st meeting of the GST Council on Saturday. Speaking on the decisions made during the meeting, the Finance Minister said, “28% slab rate is only applicable on 34 items now. These are luxury items.” Further adding that, “There are 28 items left in the 28% bracket if we include luxury and sin items. 13 items are from automobile parts and one is cement. Cement’s revenue is 13000 Crore and automobile parts revenue is 20000 Crore. If they are brought down from 28% to 18% implications are of Rs 33000 Crore.”
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