India Inc. welcomes reduction in GST tax rates

11 November, 2017, 01:49 | Author: Irene Delgado
  • New GST Rates: Chocolates, washing powder to become cheaper after tax rate cut

Effectively, it will be a universal composition scheme in the restaurant sector, said Finance Minister Arun Jaitley during a press meet after the Council meet today.

"Congress Finance Ministers will force changes in GST Council meeting today".

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%.

According to Divyesh Lapsiwala, Tax Partner, EY India: "Rate reduction for 200 plus goods and services may be suggestive of the fact that there is good buoyancy in tax collections, promoting a rate rationalisation". The 23 GST Council meeting held at Guwahati restructured the GST frame and modified several tax rates for the public. The GST Council is also expected to offer more relief to small and medium enterprises (SMEs) in terms of compliance burden.

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13 items have been moved from 18% to 12%, 6 items from 18% to 5%, 8 items from 12% to 5%, 6 items from 5% to nil, the FM said. GST was being charged on existing rates. It has proposed a uniform tax rate of 12 per cent. The panel also recommended lowering tax rates for the manufacturers and restaurants under the composition scheme as manufacturers presently paying GST at 2 percent, the rate for restaurants is 5 percent.

The GST Council has been meeting every month since the new indirect tax regime was introduced on July 1, 2017.

Some of the products that are now out of the 28 per cent tax group are shampoo, chocolates, beauty products, furniture, sanitaryware and construction items such as marble and granite, media reported.

"Government can no longer duck these issues", he said adding that the Gujarat elections had forced the government to heed advice of the opposition and experts on the flaws in the implementation of GST.

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