23rd GST Council Meeting begins in Guwahati

23rd GST Council Meeting begins in Guwahati

"Now, they can not avoid a debate in public domain or in the GST Council", he said.

"The GST Council has chose to slash tax slabs of 178 items from 28 per cent to 18 per cent".

New Delhi- India Inc. on Friday welcomed the decision of the Goods and Services Tax (GST) Council to reduce rates on 178 items of mass consumption and extension of tax filing timelines. The GST Council is also expected to offer more relief to small and medium enterprises due to compliance burden. Value Added Tax (VAT) will continue to be charged for alcohol, which does not fall under GST. GST rates for all restaurants will be 5 per cent from now on.

The panel headed by Assam Finance Minister had also suggested that eating out at hotels that have room tariff of more than Rs. 7,500 should attract a uniform 18 per cent rate instead of any separate category for 5-star hotel, which now falls under the 28 per cent bracket.




Currently, 12 per cent GST on food bill is levied in non-AC restaurants and 18 per cent in the air-conditioned ones. 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. But with no input tax credit, several experts said restaurateurs may end up increasing menu prices.

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

The GST Council also decided that taxpayers with annual aggregate turnover up to Rs 1.5 crore need to file GSTR-1 on quarterly basis, while taxpayers with turnover above Rs 1.5 crore need to file GSTR-1 on monthly basis.

Chidambaram on Friday said Congress is "vindicated" by reduction change in GST rates, and said that it was done because of the Gujarat elections. "Why is electricity and petrol kept out of GST?" he said.

Related Articles

  • Twitter Doubles Tweet Character Limit To 280 From 140

    Twitter Doubles Tweet Character Limit To 280 From 140

    Twitter announced on Tuesday 7 November 2017 that the platform would double the limit for tweets from 140 to 280 characters. The main qualm being that the new limit defies Twitter's central draw: brevity.
    Louis CK accused of masturbating in front of female comedians

    Louis CK accused of masturbating in front of female comedians

    When the NY Times asked C.K.to address the allegations at the Toronto Film Festival in September, he brushed them off. CNN has not confirmed the women's stories independently and has reached out to representatives for C.K. for comment.
    Christopher Plummer to replace Kevin Spacey in completed J. Paul Getty biopic

    Christopher Plummer to replace Kevin Spacey in completed J. Paul Getty biopic

    Spacey allegedly bought her son "drink after drink" and then stuck his hand down the teen's trousers and grabbed his genitals. Paul Getty in a film about the 173 kidnapping of the oil tycoon's grandson, weeks before it is due to be released in cinemas.
  • After Invading Octagon at MMA Event, Conor McGregor Clashes With Referee

    After Invading Octagon at MMA Event, Conor McGregor Clashes With Referee

    The Bellator 187 event took place Friday evening in Dublin and is scheduled to air on tape delay in the US on Spike TV. BAMMA 32 is now underway at the 3 Arena and Conor McGregor was in attendance to support some of his SBG teammates .
    Disney's New Streaming Service Will Cost

    Disney's New Streaming Service Will Cost "Substantially" Less Than Netflix

    It's turning into a busy day for Star Wars news, and we're still a month away from the release of Star Wars : The Last Jedi . The drop was also caused in part by a profitable sale of classic " Star Wars " movies to television outlets past year .
    Ex-Yahoo CEO Sorry for Hacks That Affected All 3 Billion Users

    Ex-Yahoo CEO Sorry for Hacks That Affected All 3 Billion Users

    Verizon, the largest US wireless operator, acquired most of Yahoo Inc's assets in June, the same month Mayer stepped down. Last month, Yahoo reported its entire user base of 3 billion accounts was compromised in an August 2013 data breach.
  • Russian Federation  to amend law to classify media as 'foreign agents'

    Russian Federation to amend law to classify media as 'foreign agents'

    Failure to register could result in the seizure of RT's US bank accounts and the arrest of the senior editor, Simonyan told Russian news outlets.
    Apple orders Witherspoon, Aniston drama in TV push

    Apple orders Witherspoon, Aniston drama in TV push

    The series is written and executive produced by Emmy-nominated Jay Carson ( House of Cards ), who also serves as showrunner. The company has now signed up Steven Spielberg and two award-winning actresses for its foray into television programming.
    Some Xbox One X consoles becoming unresponsive

    Some Xbox One X consoles becoming unresponsive

    As with any new hardware, there will be failures, so it's impossible to know the rate of consoles bricking after just two days. Ronda Rousey and Shaquille O'Neal seen at World's Most Powerful Console Xbox One X Worldwide Launch at the Fifth Ave.
  • Rapper Meek Mill Handed 4 Years Jail Term

    Rapper Meek Mill Handed 4 Years Jail Term

    Brinkley said the "Dreams and Nightmares" rapper failed a drug test and refrained from notifying her of his traveling schedule. In ending Mill's probation, Brinkley cited technical violations including misdemeanor arrests in New York City and St.
    'Harry Potter' version of Pokémon Go to be released next year

    'Harry Potter' version of Pokémon Go to be released next year

    According to Tech Crunch , the game does indeed exist, although Niantic has yet to publicly comment on the news thus far. That's about all we know right now but we've reached out to contacts at both Warner Bros. and Niantic to find out more.
    Twins' Buxton, Dozier win Gold Gloves

    Twins' Buxton, Dozier win Gold Gloves

    Rockies second baseman DJ LeMahieu got his second Gold Glove, joining Arenado in a banner year for the NL West. Reds catcher Tucker Barnhart and Marlins left fielder Marcell Ozuna also won for the first time.