Big GST relief for Aam Admi: Tax rates slashed, here's what will become cheaper for you

Union Finance Minister Arun Jaitley on Saturday said the Goods & Services Tax (GST) Council has cut rates of 33 items from 18 per cent to 12 per cent and 5 per cent. According to the finance minister, 0.5 or 1 per cent of the total 1,200-odd items including luxury items such as big cars, aircraft and demerit goods (such as cigarettes) will continue to remain in the 28 per cent slab. Jaitley also said the Law Fitment Committee will take a view on GST on real estate on Sunday meeting as there is a consensus that something needs to be done on this.