GST recommendations will benefit people, strengthen tax structure: Modi

GST recommendations will benefit people, strengthen tax structure: Modi

GST recommendations will benefit people, strengthen tax structure: Modi

In a major relief to many, the GST council has made a decision to reduce tax rate on a wide range of daily use items.

The 23rd meeting of the Goods and Services Tax (GST) is now underway and is being chaired by Union Finance minister Arun Jaitley. "Tax on goods of mass consumption like chewing gum, chocolates, shaving items, shampoo, skin creams, whose revenue implication is not much, has been reduced", he told reporters here on the sidelines of the GST Council meeting.

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 present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders now pay 1 per cent. GST rates for all restaurants will be 5 per cent from now on.

Currently, 12 per cent GST on food bill is levied in non-AC restaurants and 18 per cent in the air-conditioned ones.

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The GST Meeting also decided that there will no benefit of input tax credit for restaurants. The GST Council is also reviewing the need to file three income tax returns every month in a bid to make the filing cycle more taxpayer friendly.

The GST Council has been meeting every month since the new indirect tax regime was introduced on July 1, 2017.

Industry body Assocham's Secretary General D.S. Rawat said that the "big changes in the GST rates" will lead to a pickup in consumer demand and significantly revive the business sentiment.

"Government can no longer duck these issues", he said adding that the Gujarat elections had forced the government to heed advice of the opposition and experts on the flaws in the implementation of GST. "The GST fitment committee has also recommended reducing tax rates from 18% to 12% on a number of goods", Sushil Modi said at a function at the Bihar Chamber of Commerce here.

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