Rates of over 100 goods under GST 28 per cent tax rate reduced, more changes expected
Guwahati, Nov 10 (IBNS): The Goods and Services Tax (GST) Council, which has been holding its two-day meeting in Guwahati, reduced the tax rate of nearly 175 items from 28 per cent; however, 50 luxury and 'sin' goods, including tobacco, will remain in the highest slab, according to media reports on Friday.
In its 23rd meeting headed by the Union Finance Minister ArunJaitley, the Council implemented one of the biggest tax reductions since the implementation of GST from July 1 this year.
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.
According to media reports, the Council is likely to approve changes such as simpler procedures, a single return filing form for small firms and several changes to make composition scheme more attractive.
The Council is also likely to discuss the proposal to do away with the distinction between air-conditioned (AC) and non-air conditioned restaurants (not under composition scheme) and tax them at 12 per cent, media reported.
Image: FinMinIndia/Twitter
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
