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tinyfav.com November 24, 2017


GST rates reduced to 18% from 28 % in 178 items

11 November 2017, 01:48 | Myrtle Vega

Sushil Kumar Modi

Sushil Kumar Modi

"Hopefully, this is the start to the changes which are eagerly anticipated from the 23rd GST Council meeting".

Reviewing the goods under 18 % GST bracket, the council meeting today recommended reduction of GST rate to12% in respect of 13items, to 5 % in respect of six items.

The GST Council has decided that all restaurants will not attract GST at a rate of five per cent and will not be extended any input tax credit.

Congress leader P Chidambaram on Friday said a "shower of changes" is expected from a meeting of the GST (Goods and Services Tax) Council in Guwahati on Friday.

He further added that the revenue implication of these will be approximately Rs 20,000 crore.

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The panel headed by Assam Finance Minister had also suggested that eating out at hotels that have room tariff of more than Rs. 7,500 should attract a uniform 18 per cent rate instead of any separate category for 5-star hotel, which now falls under the 28 per cent bracket.

"When GST rate is capped at 18 per cent, this government would have learnt its lesson belatedly". GST was being charged on existing rates.

The GST Meeting also decided that there will no benefit of input tax credit for restaurants. It is also likely to deliver its decision on the proposal for big businesses to file GST returns quarterly instead of monthly, and raising the sales ceiling for small businesses from Rs1 crore to Rs1.5 crore, thus enabling them to capitalise on the composition scheme are among the proposals before the GST Council.

Under (GST) regime implemented from July, over 1,200 products and services have been fitted into one of the 5, 12, 18 and 28 per cent tax slabs based on the principle of keeping the total tax incidence at nearly the same level as previously as well as keeping revenue collections neutral. "Why is electricity and petrol kept out of GST?" he said.



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