GST Council slashes rates of over 200 items; changes from Nov 15

GST Council slashes rates of over 200 items; changes from Nov 15

"It will be applicable from 15th of this month (November)", Union Finance Minister Arun Jaitley said while briefing media persons after the two-day meeting in Guwahati on Friday. All our decisions are people-inspired, people-friendly and people-centric. "Six goods have come down from the 18 percent slab to five percent, eight items have come down from 12 percent to 5 percent and six items from 5 percent to zero tax", Jaitley said. There will be no differentiation between the air-conditioned and non-air-conditioned restaurants as both will now attract a uniform tax of 5 per cent.

In its 23 meeting which was held in Guwahati, the GST council said, "Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rs 1 crore under the law". After the GST council meet in Guwahati, Finance Minister Arun Jaitley said that the Council has made a decision to cut tax rate for restaurants to 5 percent. Currently, 12 per cent GST on food bill is levied in non-AC restaurants and 18 per cent GST for AC restaurants.

In a major revamp of the GST tax structure, the GST Council on Friday removed 178 items from the highest 28 percent category while cutting the tax on all restaurants outside starred-hotels to 5 percent but withdrawing input credit facility for them.

"There were 227 items in the 28 per cent slab". "There was consensus that slowly 28% slab should be brought to 18% cent".

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All tax-payers will have to file the returns in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.

Penalties on late filings have also been reduced from Rs 200 per day to Rs 20 per day for filers who had no tax liability. The benefit of ITC (Input Tax Credit) to restaurants has been revoked to restaurants because they were not passing on the benefit to customers, the minister said. Also, tax on wet grinders and armoured vehicles was cut from 28% to 12%.

Businesses with turnover of less than Rs 1.5 crore will have to file returns once in a quarter - for instance July-September returns can be filed by December-end. "We will not allow BJP to impose a Gabbar Singh Tax on India". When the rates were originally fixed by saddling previous taxes, the principal of equivalence had been applied.

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