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The GST Council, headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all States and Union Territories (UTs), had its 37th meeting in Goa in the backdrop of economic growth hitting a six-year low of 5% for the first quarter of the current fiscal. This GST Council Meeting was extremely crucial as various industries were looking forward to some major decisions to be taken in terms of tax slabs.
There have been demands pouring in from various sectors — from biscuits to automobiles and FMCG to hotels — to reduce tax rates in the wake of economic slowdown.
Here are the key decisions during the 37th GST Council Meeting held in Panaji, Goa which are said to be effective from October 1, 2019.
|Transaction Value per Unit (Rs) per day||GST|
|Rs 1000 and less||Nil|
|Rs 1001 to Rs 7500||12%|
|Rs 7501 and more||18%|
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