GST recommendations will benefit people, strengthen tax structure: Modi

GST council likely to lower 28% tax on some common-use items Arun Jaitley

The GST Council will meet on November 9 and 10 in Assam's capital Guwahati.

He also said the Council had been looking at the 28 percent tax slab and constantly rationalising items in it in lesser tax slabs. Apart from slashing taxes on mass consumption items like shampoo, chocolates, etc. from 28 per cent to 18 per cent, the council fixed a flat rate of 5 per cent for the restaurants that do not claim Input Tax Credit across air conditioned and non-air conditioned facilities. "It will be applicable from 15th of this month", the Finance Minister said while briefing media here after the two-day long meeting.

The 23rd meeting of the Goods and Services Tax (GST) is now underway and is being chaired by Union Finance minister Arun Jaitley. "Now, they can not avoid a debate in public domain or in the GST Council", he said.

He further added that the revenue implication of these will be approximately Rs 20,000 crore.

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Only 50 products, including luxury and sin items, white goods, cement and paints, automobiles, aeroplane and yacht parts have been retained in the top 28 per cent slab. Value Added Tax (VAT) will continue to be charged for alcohol, which does not fall under GST. Currently, GST is levied at 12 per cent on non-AC restaurants, while it is 18 per cent for air-conditioned ones.

"Tax rate on 13 items has been reduced from 18 per cent to 12 per cent, while tax rates have been reduced to 5 per cent on six items from 18 per cent. Tax rate on 8 items has decreased from 12 to 5 per cent". It is also likely to deliver its decision on the proposal for big businesses to file GST returns quarterly instead of monthly, and raising the sales ceiling for small businesses from Rs1 crore to Rs1.5 crore, thus enabling them to capitalise on the composition scheme are among the proposals before the GST Council.

Chidambaram on Friday said Congress is "vindicated" by reduction change in GST rates, and said that it was done because of the Gujarat elections.

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