India Inc. welcomes reduction in GST tax rates

11 November, 2017, 01:47 | Author: Genevieve Gibbs
  • India Inc. welcomes reduction in GST tax rates

In a major relief to many, the GST council has chose to reduce tax rate on a wide range of daily use items. "Tax on goods of mass consumption like chewing gum, chocolates, shaving items, shampoo, skin creams, whose revenue implication is not much, has been reduced", he told reporters here on the sidelines of the GST Council meeting.

The senior Congress Party leader took to twitter and said "Expect a shower of changes in GST rates from GST Council meeting today".

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The estimated revenue loss from the reduced items in high tax bracket is expected to be Rs 20000 crore annually, Modi said.

A panel, headed by Assam Finance Minister Himanta Biswa Sarma, has suggested doing away with the tax rate distinction between AC and non-AC restaurants not covered under composition scheme. GST was being charged on existing rates.

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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". It has proposed a uniform tax rate of 12 per cent. The Delhi Hotel and Restaurant Owner's Association president, Sandeep Khandelwal, welcomed the lower tax rates and said this would incentivise people to pay taxes. It is also likely to deliver its decision on the proposal for big businesses to file GST returns quarterly instead of monthly, and raising the sales ceiling for small businesses from Rs1 crore to Rs1.5 crore, thus enabling them to capitalise on the composition scheme are among the proposals before the GST Council. The GST Council, which comprises of representatives of all states, has already rationalised tax rates for over 100 items. "The GST fitment committee has also recommended reducing tax rates from 18% to 12% on a number of goods", Sushil Modi said at a function at the Bihar Chamber of Commerce here. "But the PM Modi-led government at the Centre has imposed the Gabbar Singh Tax", Rahul Gandhi said at an election rally in poll bound Gujarat. "Why is electricity and petrol kept out of GST?" he said.

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