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Goyal said that in the last one year, the GST Council has reduced rates on 384 items and 68 services.
In a double-dealing kind of a situation, establishments have been trying to find ways to trick the system ever since the GST regime came into force.
The revision (in GST) will make refrigerators, washing machines, microwave ovens and chest freezers more affordable, which will accelerate the penetration of these appliances.
The recent GST rate cut on consumer durables is expected to boost demand for refrigerators and washing machines in the upcoming festive season as the products are likely to get cheaper by 7-8 per cent
Government exempted GST on Sanitary napkins, deities made of stone, marble or wood, Raakhis without precious metals. raw materials used in brooms, commemorative coins, fortified milk.
In his first public speech in two months, the Union Finance Minister said GST has helped in boosting direct tax collections in the April-June quarter of this fiscal.
The GST Council had last week deliberated on giving a concession of two per cent in GST rate (where the tax rate is 3 per cent or more) to consumers making payment through cheques or digital modes.
In a society like India where you still have a significant population which is below poverty line or still deprived, a single rate in India can't work at the moment, he said.
Multimodal transportation includes a combination of more than one mode of movement, such as rail, road or sea, for end-to-end delivery of goods.
GST Council meet: Rates on 29 items slashed to zero per cent, return filing process to be made simpler
Finance Minister Arun Jaitley said the next meeting of the Council may consider bringing items like crude oil, natural gas, petrol, diesel, ATF and real estate within the GST purview.
The Goods and Services Tax Council also rationalised the rates of 49 other items, according to Uttarakhand Finance Minister Prakash Pant.
Sushil Modi, a member of the GST Council, has suggested it that price tags displayed on items be inclusive of all taxes.
GST Council member Sushil Kumar Modi today said he is in favour of letting the tax revenues stabilise before the panel considers merger or further rationalising of slabs.
Gujarat polls: Election Commission asks government not to publicise some GST rate cuts till polls are over
The EC said it could influence voters in the state where the first phase of elections is on December 9 but has allowed advertisement of simplified tax procedure without mentioning any products.
Union finance minister Arun Jaitley after chairing the 22nd GST council meet of Friday announced a slew of reforms including change in GST rates of several items.