23rd GST Council Meeting begins in Guwahati

11 November, 2017, 01:47 | Author: Katrina Soto
  • Only 62 items likely to stay in 28% GST slab

"It will be applicable from 15th of this month", the Finance Minister said while briefing media here after the two-day long meeting.

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.

The senior Congress Party leader took to twitter and said "Expect a shower of changes in GST rates from GST Council meeting today".

"The GST Council has made a decision to slash tax slabs of 178 items from 28 percent to 18 percent".

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In a massive decision, the GST Council today chose to revise its highest 28 per cent tax slab by removing most items from it, including chocolates, nutritious food, marble, deodorants, shaving cream and sanitary products, thereby bringing the number of goods in the slab from 227 to 50.

"Tax rate on 13 items has been reduced from 18 per cent to 12 per cent, while tax rates have been reduced to 5 per cent on six items from 18 per cent. Tax rate on 8 items has decreased from 12 to 5 per cent". But with no input tax credit, several experts said restaurateurs may end up increasing menu prices. The hotels with tariff more than Rs 7500 per night shall be taxed at 18 per cent. It was said that the restaurants had not been giving Input Credit Tax benefit to the customers and the GST was charged on the previous rates.

"Construction material such as tiles, bricks, cement, sanitaryware and taps were put in the 28% tax bracket, causing a lot of burden on individuals and home builders", Gowda had said. The GST Council is also reviewing the need to file three income tax returns every month in a bid to make the filing cycle more taxpayer friendly. It has now been decided that such exporters will also be eligible for claiming Input Tax Credit in respect of goods or services used for effecting such tax exempt supply of services to Nepal and Bhutan.

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