The GST Council, which held its 23rd meeting in Guwahati on Friday reduced the tax rate on 178 items from 28 per cent to 18 per cent. The Council also hiked the threshold for composition scheme to Rs 1.5 crore and brought all AC and non-AC restaurants in the 5 per cent GST bracket without the input tax credit (ITC). Only 50 items, mostly demerit, sin and luxury goods will be in the 28 per cent tax bracket. All members of the GST Council felt that ...
11-11-2017, 05:48 PM
GST Council cuts tax rate on 178 items
The GST Council, which held its 23rd meeting in Guwahati on Friday reduced the tax rate on 178 items from 28 per cent to 18 per cent. The Council also hiked the threshold for composition scheme to Rs 1.5 crore and brought all AC and non-AC restaurants in the 5 per cent GST bracket without the input tax credit (ITC). Only 50 items, mostly demerit, sin and luxury goods will be in the 28 per cent tax bracket. All members of the GST Council felt that ...
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