Centre slashes GST on 178 mass use items

Bakery Products

"Congress Finance Ministers will force changes in GST Council meeting today".

"The GST Council has made a decision to keep only 50 items, mostly demerit, sin and luxury goods in top 28% bracket", Modi added.

"Tax rates on 80% of 227 items falling in top slab is likely to be reduced from 28% to 18% in the next GST council meeting".

The GST council headed by Finance Minister Arun Jaitley today has cut the Goods and Service Tax rate to 5 per cent flat for restaurants and hotels across India that do not claim Input Tax Credit, whereas for five star hotels, the GST rate applicable will be of 18 per cent.

A letter from the Finance Ministers of the Congress-ruled States to Mr. Jaitley, who heads the Council, would set the tone for discussions in the meeting. At present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders now pay 1 per cent.

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"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". All restaurants will be levied GST at 5 per cent, without input tax credit benefits.

Businesses with annual turnover up to Rs. 1 crore can opt for the composition scheme, which enables them to pay tax at a flat rate without input credits.

"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. Chewing gum, chocolates, cosmetics like products of facial make-up, shaving, and after-shave items, shampoo, deodorants, washing powder detergent and marble will have lower 18 percent tax rate.

"Construction material such as tiles, bricks, cement, sanitaryware and taps were put in the 28% tax bracket, causing a lot of burden on individuals and home builders", Gowda had said. Hotels within five-star restaurants (room rent above Rs 7,500) will attract 18 per cent with ITC benefits.

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