GST Council: Tax rate on 49 items reduced, 29 handicraft products put under 0%

The GST Council on Thursday reduced tax rate on 49 items and put 29 handicraft products under 0 percent tax bracket.

Speaking to media after the 25th GST Council meeting, Uttarakhand Finance Minister Prakash Pant told reporters, "Some of our recommendations and suggestions were considered but some of them were rejected. Around 29 handicraft items have been put in 0 percent slab.The tax has been reduced on around 49 items."

He further said that decision on petroleum products is pending as of now while the presentation on real estate is yet to be made and showcased.

Finance Minister Arun Jaitley after chairing the 25th meeting of the Goods and Services Tax (GST) Council here on Thursday said, that the simplification of the return filing process was a major topic of discussion.

"The Council felt that the Ministers' group, the IT committee and Nandan Nilekani should discuss simplification process and formalise the alternative system following a video conference meeting soon," said Jaitley.