Published: Sat, November 11, 2017
Global | By Shelia Dennis

GST rates reduced to 18% from 28 % in 178 items

GST rates reduced to 18% from 28 % in 178 items

RETURN FILING: The GST council today chose to simplify the return filing procedure in a massive way.

The council is likely to deliberate on a number of topics, including extended liberalization given to small traders, rate cuts on A/C restaurants from 18 to 12 percent, and the issue of benami properties.

In a massive decision, the GST Council today chose to revise its highest 28 per cent tax slab by removing most items from it, including chocolates, nutritious food, marble, deodorants, shaving cream and sanitary products, thereby bringing the number of goods in the slab from 227 to 50.

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According to Divyesh Lapsiwala, Tax Partner, EY India: "Rate reduction for 200 plus goods and services may be suggestive of the fact that there is good buoyancy in tax collections, promoting a rate rationalisation". The GST Council is also expected to offer more relief to small and medium enterprises (SMEs) in terms of compliance burden.

Currently, 12 per cent GST on food bill is levied in non-AC restaurants and 18 per cent in the 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". At present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders now pay 1 per cent. All these got input tax credit, a facility to set off tax paid on inputs with final tax.

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The GST Council also decided that taxpayers with annual aggregate turnover up to Rs 1.5 crore need to file GSTR-1 on quarterly basis, while taxpayers with turnover above Rs 1.5 crore need to file GSTR-1 on monthly basis.

Some of the products that are now out of the 28 per cent tax group are shampoo, chocolates, beauty products, furniture, sanitaryware and construction items such as marble and granite, media reported.

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