The GST (Goods and Services Tax) Council on Friday slashed tax on some items. It looks like voice of people has been heard as last year has been a tough one. When we were forced to pay 18% GST at restaurants.
The Council slashed tax rates on items such as chocolates, shampoo, chewing gum, deodorant, shoe polish, detergents, marble, cosmetics and nutrition drinks. Council left only 50 products to face 28 percent rate.
The revised rates will come into effect and applicable from November 15.
Here Is The List Of Revised GST Rates-
- For restaurants and hotels, the Goods and Services Tax Council has fixed rate for restaurant at 5%.
- Mass consumption items have been reduced to 18 percent.
- Fire extinguisher, stove, watches and mattress has been cut to 18 percent from 28 percent.
- Fly ash and fly ash brick lowered to 5 percent from 18 percent.
- Rate on pasta, cotton, jute and hand bags reduced to 12 percent from 18 percent.
The Goods and Services Tax council approved a revamp of the composition scheme. It will give some relief to small and medium enterprises.
Prime Minister Narendra Modi says that the recommendations made by the Goods and Services Tax Council will benefit the people and also add strength to the tax regime.
There is a consent that slowly, the 28 per cent rate should be brought to 18 per cent. It will take some time, because it has a huge revenue implication.