'GST on 50 items of mass consumption slashed to 18%'

Bakery Products

"Congress Finance Ministers will force changes in GST Council meeting today".

"Expect a shower of changes in GST rates from GST Council meeting today", the senior Congress leader said.

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"Tax rates on 80% of 227 items falling in top slab is likely to be reduced from 28% to 18% in the next GST council meeting".

The Goods and Services Tax (GST) Council, which has been holding its two-day meeting in Guwahati, reduced the tax rate of almost 175 items from 28 per cent; however, 50 luxury and "sin" goods, including tobacco, will remain in the highest slab, according to media reports on Friday. "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 GST Council is also expected to offer more relief to small and medium enterprises due to compliance burden. Jaitley informed that GST rates in respect of restaurants including both AC and non-AC categories have been reduced to uniform five per cent from the existing 18 %. The panel also recommended lowering tax rates for the manufacturers and restaurants under the composition scheme as manufacturers presently paying GST at 2 percent, the rate for restaurants is 5 percent.

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Some items like construction fittings, electrical goods, sanitary fittings, marble fittings which were in 28-31 % bracket in pre-GST regime have been put in 18 % bracket. All these got input tax credit, a facility to set off tax paid on inputs with final tax. 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 Congress on Friday lashed out at Prime Minister Narendra Modi stating that the entire Goods and Services Tax (GST) architecture and design was "defective".

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