Centre slashes GST on 178 mass use items

Centre slashes GST on 178 mass use items

Briefing media after the marathon day-long GST council meeting, Arun Jaitley informed that only 50 items had now remained in the 28 % bracket that includes luxury items, sin goods, white goods, auto parts, yatch parts, aircraft parts, cement and paints etc.

In a major revamp of the GST tax structure, the GST Council on Friday removed 178 items from the highest 28 per cent category while cutting the tax on all restaurants outside starred-hotels to 5 per cent but withdrawing input credit facility for them. "There is the consensus that slowly 28 per cent slab should be brought to 18 percent".

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.

The GST Meeting also decided that there will no benefit of input tax credit for restaurants.

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While speaking to ANI, Congress leader Randeep Surjewala said, "A consistent pressure put by the Congress especially by vice-president Rahul Gandhi and also finance minister has finally worked on some items".

The Congress had demanded a cap of 18 per cent for all taxes under the Goods and Services Tax regime. So if you go to a restaurant expecting that the bill would be around 500 per person, at the end with the service charges and taxes it would come to be around 700 per person", she said.The Delhi Hotel and Restaurant Owner's Association president, Sandeep Khandelwal, welcomed the lower tax rates and said this would incentivise people to pay taxes."People will not try to cheat on taxes now.

A large number of taxpayers were unable to file their returns in FORM GSTR-3B within due date for the months of July, August and September, 2017.Late fee was waived in all such cases, the council said. 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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