GST: Biscuits, footwear prices to fall, gold to get costlier from July 1

New Delhi: Biscuits, footwear and low-priced garments will get cheaper from July 1 as GST Council on Saturday fixed lower tax rates on them. However, gold and gold jewellery and branded packaged food items will get costlier as GST Council put them under high tax category.

Fabric for the first time will be taxed under GST and has been put in 5 percent tax category. Rough diamonds will attract a tax of 0.25 per cent under GST so that government can track them to tackle black money. GST Council will meet again on June 11 to look at the representations of the trade bodies to lower tax rate of some essential items, which were fixed in earlier meetings. A panel will go through the proposals submitted by the trade and industry representatives. The next meeting of the GST Council will also decided tax rate for lottery. Finance minister Arun Jaitley said states are ready to implement the GST from July 1.