Big news for middle class: GST Council slashes tax rate on 178 items to 18%
In the 23rd meeting of the GST Council, the GST rates slashed on 178 items to 18 percent from 28 percent on Friday, 10 November 2017.
Also, it is good news for foodies that GST rate on restaurants has decreased to the 5 percent.
After applicable GST since 1st July, the biggest change has occurred in rates and rules which is a realy big relief for small firm businesses. Simplified return filing procedures are one of the benefits for small firm businesses.
In the meeting of the Goods and Service Tax(GST) Council which was held in Guwahati has decided to keep only 50 luxury and ‘sin’ goods like tobacco in the highest slab of 28 percent. Rest of items which is commonly used goods have been moved to lower slab.
Read also: Advantages and Disadvantages of GST
The GST rate on two items— wet grinders, armoured fighting vehicles—have been cut from 28 to 12 percent. Taxes on six items have been cut from 18 to 5 percent, in eight items from 12 to 5 percent and from 5 to zero percent in six items.