HERE'S EVERYTHING YOU NEED TO KNOW ABOUT THE REVISED GST RATES

The last year has been a tough one. Especially when it came to dining at restaurants owing to the huge ass 18% GST we were forced to pay.

The government was under scrutiny and all sorts of questions were asked over its implementation. Demonetisation's anniversary too became an occasion where the internet severely criticised BJP's move.

However, it looks like people's voice has been heard, at least to a small extent.
ET reported that Bihar's deputy minister Sushil Modi told reporters on the sidelines of the ongoing meeting in Guwahati, "Only 50 items to face 28 percent rate."

ET reported Sushil Modi saying,

There were 227 items in the 28 percent slab. The fitment committee had recommended that it should be pruned to 62 items. But the GST Council has further pruned to more items. Now all types of chewing gum, chocolates, preparation for women cosmetics, shaving and after-shave items, deodorants, washing powder detergent and granite and marble. All these items have been put in the 18 percent category.

Sushil Modi further added,

So, today the GST Council took a historic decision, that in the 28 percent slab there will be only 50 items and the remaining items have been brought down to 18 percent.

Here are some of the important things that you must know about this revamp.

- Cess on goods such as luxury, sin and whitegoods have been retained at 28 percent. 

- For restaurants and hotels, the Council has fixed rate for restaurant at flat 5% who don't claim tax credit (including ac/non ac), while outdoor catering at 18%. Rate for hotels below Rs 7,500.

- Paints, cement have been retained at 28 percent, he added. Luxury goods such as washing machine and air conditioners have been retained at 28 percent.

- Mass consumption items have been lowered to 18 percent.

- Tax rate on fire extinguisher, watches, blade, stove, mattress has been reduced to 18 percent from 28 percent.

- GST rate on fly ash and fly ash brick reduced to 5 percent from 18 per ent. Rate on pasta, jute and cotton hand bags cut to 12 percent from 18 percent.

While suggesting that this change will have an implication of Rs 20,000 crore, Sushil Modi added,

There is a consensus that slowly, the 28 per cent slab should be brought to 18 per cent. But it will take some time because it has a big revenue implication.
Source-Being Indian 

Follow by Email