GST Rates Slashed On 27 Items: What’s Become Cheaper

GST Rates Slashed On 27 Items: What’s Become Cheaper

GST Rates Slashed On 27 Items: What’s Become Cheaper

The GST Council cut tax rates on 27 items and took steps to ease tax norms for small businesses and exporters.

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The GST Council on Friday recommended reduction in the tax rate of range of items at its 22nd meeting held in New Delhi. Finance Minister Arun Jaitley, who heads the Council said after the day-long meeting, that GST rate on many daily-use items will be reduced, including man made yarn, unbranded namkeen, stones used in flooring and diesel engine parts, among others.

The Council, which had in its last meeting in September cut taxes on 40 items, said it recommended cuts in GST rate on 27 items on Friday. The Finance Minister also hinted that tax on eating out is being reconsidered and announced that a group of finance ministers would take a complete relook at the way the restaurants should be taxed.

Here is the full list of items which are set to become cheaper after the latest set of tax cuts, according to Mr Jaitley:

The GST Council also hiked the threshold limit of the composition scheme to Rs. 1 crore from Rs. 75 lakh, The move will ease the compliance norms for small businesses. Businesses with annual turnover up to Rs. 1 crore can now opt for the composition scheme, which enables them to pay tax at a flat rate without input credits, Mr Jaitley said. The council also announced a slew of measures to help exporters with GST compliance.

The review comes after feedback and complaints from businesses over compliance issues with the indirect tax regime.

Source by ndtv..

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