New Delhi, November 15 2017: The reduced GST rates come into effect today.
GST on 178 items had reduced to 18 percent from 28 percent.
These include a wide range of common use items.
Eight items have been moved from 12 percent slab category to 5 percent.
Union Finance minister Arun Jaitley had announced major GST relief to promote ease of doing business last Friday.
He said all stand-alone restaurants irrespective of air-conditioned or otherwise, would attract 5 percent tax without Input Tax Credit, ITC.
The Federation of Hotel and Restaurant Associations of India has said that GST Council’s decision to cut the tax rate for restaurants to 5 percent without Input Tax Credit (ITC) will help restaurants across India rationalise tariffs.
Welcoming the move, Association President Garish Oberoi said they were demanding to bring down GST rate on restaurants to 12 percent with ITC or at 5 percent without ITC.
Source: Imphal Times
may these revised GST will help us
Hi,
GST has been an instrumental change to the economy. People are yet to understand whether it has provided them profit or loss. the business holders can understand to some extend but common people is still finding the right answers for it. Government slashed GST on 178 items as mentioned in your blog. For eg on restaurant billing , now people will be charged only 5% GST instead of 18%. But the main bill is yet costing the same to common people as earlier because some restaurants has raised the cost of items to cover the cost.
Reason : they are not getting profit of input tax credit.
Lets see what further steps are to be taken by the government!
Thanks for the info!!