Based on the recommendations of the group of ministers (GoM) - constituted to deliberate on the tax rates of COVID-related essential items, the GST Council today cut tax rates on most supplies and exempted the medicines for treating the black fungus infection off GST. The Council decided that tax cuts are valid till September 30, and can be extended further upon nearing the deadline. While most of the medicinal supplies got a tax cut, COVID vaccines will continue to attract a five per cent GST.
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Union Minister Ashwini Vaishnaw said the GST reforms, set to come into effect on September 22, will set off a "virtuous cycle" of consumption, production, investment and employment.
A reduction in GST rates will result in more than 150 categories of products getting cheaper from September 22, the company's Managing Director Manish Bandlish told NDTV.
JLR has announced a price cut of up to Rs 30.4 lakh on the Range Rover and other models under GST 2.0.
The company said it is passing "100 per cent of the tax benefit to our patrons" as new GST reform comes into effect from September 22.
Royal Enfield has announced the new prices of its 450cc and 650cc lineup under the new GST structure.
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