Changes in the GST rates
The 39th GST Council meeting happened on Saturday, 14th March 2020 at New Delhi. The Union Finance Minister Nirmala Sitharaman chaired this meeting and the rates of certain products have been increased.
GST on mobile phones and specified parts was increased from 12% to 18%. This decision was taken to avoid difficulties due to the inverted duty structure.
All types of matches have been rationalised to a single GST rate of 12%. Till now, the handmade ones were taxed at 5% and the rest was taxed at 18%.
GST on Maintenance, Repair and Overhaul (MRO) service in respect to aircraft was reduced from 18% to 5% with full ITC.
All these rate changes will come into effect from 01 April 2020.
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