Number of items under highest tax slab reduced to 50
Aiming to help common people and to increase the ease of doing business, the Goods and Services Tax Council has taken some serious measures, including the reduction of the tax rates of certain goods and the liberalisation of the return filing process, in the twenty-third meeting of the council which held at Guwahati.
Now, the total number of items under the GST’s highest tax slab of twenty-eight per cent has been reduced to nearly fifty.
Detergents, toiletries and marble floorings are the prime items which have liberated from the clutches of the GST’s highest tax slab.
Prior to the announcement of the plan to reduce the tax rates of certain items, there were nearly two hundred and twenty-eight items in the ‘twenty-eight per cent’ tax slab.
This means that over one hundred and seventy-eight items have escaped from the highest tax slab of twenty-eight per cent.
Other important decisions taken during the crucial GST council meeting are the reduction of the restaurant tax, expansion of the composition scheme, and amendments in the return filing process.
Henceforth, all restaurants, except those in hotels with a tariff of seven thousand and five hundred Indian rupees or more, will be taxed at five per cent.
Vignesh. S. G
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