Revised GST rates
The GST Council on Friday overhauled the indirect tax regime reducing the 28 percent tax levied on 178 items to 18 percent or lesser. The GST Council on Friday overhauled the new tax regime reducing the 28 percent tax levied on 178 items to 18 percent or lesser. Most important of them all, the Council decided to salsh the tax rate on AC and non-AC restaurants to 5 percent from the current 18 percent slab. The new rates will be applicable effective November 15. The council, which met Guwahati, has decided to cut keep only 50 luxury and ‘sin’ goods like tobacco in the highest slab, paving the way for price cuts in a raft of commonly used goods from furniture to sanitary ware. The move, which is likely to cost the exchequer Rs 20,000 crore, comes on the back of trader protests and the upcoming Gujarat Assembly elections. “We have rationalised certain items from the 28% to the 18% or even less. Optically, there are few items that shouldn’t be at 28% that were there earlier. Ther