The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, announced on Wednesday a sweeping cut in tax rates. The GST rate on maps, charts and globes will be reduced to nil from 12%.
Pencils, sharpeners, crayons and pastels will also see GST removed from 12%, according to a press release from the Union government on Wednesday.
Exercise books and notebooks, also formerly at 12% GST taxation, now have no tax on them. Erasers will also similarly have no GST compared to the previous GST of 5%.
The GST council has also approved a two-tier rate structure of 5% and 18%, replacing the existing four major slabs — 5%, 12%, 18%, and 28%. The changes will take effect from Sept. 22, with phased implementation for certain items.
