GST Council recommendations will benefit people: Modi

11 November, 2017, 01:50 | Author: Diane Mills
  • Sushil Kumar Modi

Guwahati: Commodities of daily use like washing powder, aftershave cream, detergent, chocolate are likely to get cheaper as the GST Council has made a decision to keep only 50 items in the top tax bracket of 28 per cent.

Finance Minister Arun Jaitley had earlier hinted at pruning the list of items in the highest GST tax bracket of 28 per cent after revenue in the new regime equalise collections previously.

The Goods and Services Tax (GST) Council, which has been holding its two-day meeting in Guwahati, reduced the tax rate of almost 175 items from 28 per cent; however, 50 luxury and "sin" goods, including tobacco, will remain in the highest slab, according to media reports on Friday.

He also said the Council had been looking at the 28 percent tax slab and constantly rationalising items in it in lesser tax slabs. At present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders now pay 1 per cent.

More news: Virginia Has Elected The 1st Openly Trans State Legislator In The US

The rate of GST in case of eight items have been reduced to five per cent from existing 12 % and in case of six items it has been reduced to nil from existing six per cent. At the same time, it was chose to do away with the existing Input Tax Credit (ITC) benefit provided to the restaurants as the benefit was hardly passed on to the customers. But with no input tax credit, several experts said restaurateurs may end up increasing menu prices.The initial 18% tax rates for air-conditioned restaurants and 12% for non air-conditioned restaurants were slashed to 5% GST on all food items from November 15.

Meanwhile, the GST Network today said businesses can now make changes to the forms uploaded on the portal to claim transition credit.

The GST Meeting also decided that there will no benefit of input tax credit for restaurants. Only restaurants in starred hotels, that is who charge a tariff of Rs 7,500 or above for their rooms, will attract GST at 18 per cent.

Recommended:



Popular

Students salute local veterans
Staff and students go all out in an effort to thank the men and women who serve and have served in the armed forces. Erik Pettyjohn, Air Force (retired), who leads the JROTC program.

It's Official! Uber joins NASA to launch 'flying taxis' by 2023
Jeff Holden, Uber's chief product officer, told NBC News the agreement with NASA is part of ensuing the program proceeds safely. But the company has already teamed up with the cities of Dallas and Dubai to help bring this futuristic idea to life.

Kevin Spacey's Scenes Are Being Totally Replaced In A Just-Finished Movie
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. Spacey announced he was gay in a statement apologizing to Rapp, while claiming he did not remember the alleged incident.

Andrea Jenkins sees decisive, historic win in 8th Ward
Roem, a former journalist, will become the first openly transgender person seated in any state legislature in the country. Victory Fund made Andrea a 2017 spotlight candidate, and raised more than $4,000 for her throughout the election cycle.

Veterans Day: San Jose parade leads holiday celebrations
Coast Guard Auxiliary and numerous eastern North Carolina veterans' organizations and their auxiliaries will be in the parade. Afterward, the veterans will attend a reception where there will be opportunities for them to speak with the children.

US Demands CNN or DirecTV Sale to Approve AT&T/Time Warner Deal
To win approval of the deal, AT&T hired lobbyists close to Vice President Mike Pence and others in the Trump administration . As a candidate, Trump vowed to block the deal because it concentrated too much "power in the hands of too few".

Apple Pay Cash launches in beta
There's no fee for debit card transactions, while an "industry standard" fee will apply for money funded with credit cards. Developers in the US saw the new Apple Pay improvements on the iOS 11.2 beta on Tuesday, according to MacRumors .

To Fight Revenge Porn, Facebook Wants To See Your Nude Pictures
The potential victim will then be instructed to send the images to their own Facebook account via the platform's Messenger system. Facebook says the footprint technology does not allow the company to store the photos, according to the Washington Post.

DC Comics Signs Brian Michael Bendis to Exclusive Contract
A Marvel spokesperson thanked Bendis for his tenure with the company and wished him luck with his future projects. Marvel debate, the fact of the matter is that there are many of us who enjoy stories released by both publishers.

NWS preliminary data shows 3 Sunday tornadoes in southern Indiana
Mercer County officials say six people were hurt when a restaurant in Celina (suh-LEYE'-nuh) was damaged during Sunday's storms. The Celina Police Department urges people to stay away from affected areas as crews work to clear the storm-affected areas.