In July 2017, the Ministry of Finance said that the tax on sanitary napkins was lower than before.
Other items for which the GST rate was cut include footwear, water heaters, electric irons, refrigerators, lithium ion batteries (used in electric vehicles), hair dryers, vacuum cleaners, food appliances and ethanol.
In terms of tax returns, Sisodia said quarterly returns for traders having turnover up to Rs 5 crore have been approved by the GST Council.
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"Rakhis have been exempted from GST, tax on ethanol has been cut to 5 per cent, small handicrafts have been exempted", Goyal said.
"The GST Council cuts tax rates on an array of products".
The value limit of footwear was enhanced from ₹500 to ₹1,000 for the 5% rate.. As per reports, in January a group of students had written notes to PM Modi on sanitary pads and had sought an exemption from GST.
"I think the 28 percent tax slab should be done away with".
GST on handmade carpets and handmade textile floor coverings has been reduced from 12 percent to 5 percent. "It has also been decided that the GST Council will rise above revenue consideration and focus more on job creation and economic growth", Goyal said.
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The council also approved the proposal to allow quarterly return filing for taxpayers with a turnover of upto Rs 5 crore, a move that will benefit almost 93 percent of tax assessees as they would now be required to file returns only once in three months.
Sources said rate cuts and certain clarifications will have revenue impact of Rs 10,000 crore-Rs 11,000 crore annually.
The most-awaited decision is on the single tax return filing system. Keeping this in mind, GST Council in October, 2017 had temporarily suspended RCM, as it was increasing compliance burden on taxpayers.
The Council has also made a decision to defer implementation of reverse charge mechanism (RCM) by a year to 30 September, 2019.
Given below is a list of revised GST rates.
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