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

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

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

The GST council meeting was attended by chief minister of Puducherry, deputy chief ministers of Arunachal Pradesh, Manipur and Delhi and finance ministers of rest of the states barring those from the poll-bound Gujarat and Himachal Pradesh.

Karnataka Agriculture Minister Krishna Byre Gowda said the Congress had earlier asked that the GST rate should not be more than 18%, but the Centre went ahead with the five tax rate slabs of 0, 5, 12, 18 and 28%.

The council is also expected to slash tax rates on various goods of common consumption such as handmade furniture, shampoo, sanitary ware, plywood, stationery articles, and play instruments, among others.

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.

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Mr Modi further said that the revenue implication of these will be approximately Rs. 20,000 crore. At present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders now pay 1 per cent. It has proposed a uniform tax rate of 12 per cent.

"The increase in the composition scheme threshold would make life much easier for the small business entities", Rawat said.

The GST Council has been meeting every month since the new indirect tax regime was introduced on July 1, 2017. But with no input tax credit, several experts said restaurateurs may end up increasing menu prices.The initial 18% tax rates for air-conditioned restaurants and 12% for non air-conditioned restaurants were slashed to 5% GST on all food items from November 15. In the biggest GST rejig yet, tax rates on over 200 items, ranging from chewing gum to chocolates, to beauty products, wigs and wrist watches, were cut on Friday to provide relief to consumers and businesses amid economic slowdown.

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