Key Notes of GST Council Meeting held on 10 Nov, 2017
The Goods and Services Tax Council (GST Council) on Friday slashed tax on over 200 items, reduced the levy on restaurants to 5 per cent, left only 50 products under the highest 28 per cent slab, and increased the composition limit for small businesses, as it undertook a comprehensive overhaul of the new tax regime.
These changes will benefit consumers and businesses alike, as products ranging from perfumes to chocolates to fans become cheaper, and help douse some of the criticism that has dogged the four-month-old tax system. The economy will get a boost from the likely consumption boost and better compliance due to simpler and less-taxing scheme.
The GST Council, the apex decision-making body, approved tax cuts on 178 items to 18 per cent from 28 per cent , and on restaurants to 5 per cent but without credit for taxes paid on inputs used, making household items and eating out cheaper.
"We have been reviewing the 28 per cent slab in the last three meetings. In last meetings, we had cut it on 30-40 items... It was being felt that optically some items should not be in 28 per cent and then there were some items that were manufactured earlier by the those that enjoyed excise duty exemption," finance minister Arun Jaitley told reporters after an eight-hour meeting of the GST Council.
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It is observed that many of the tax payers are not clear about -View More...
whether they have to file their gstr1 return monthly and quarterly?
what will happen if they have filed july return on monthly basis?
whether they should file for aug and sept monthly or will have to revise it on quarterly basis?
where to find the quarterly return option on gst portal.
If you are also facing such queries, then go ahead to find the answer to these questions
Find here a complete list of all the items whose GST tax rates have been reduced in meeting held of GST Council on Nov 10th, 2017View More...