For small traders, composition limit has been hiked: Sarma
Composition scheme threshold at Rs 1.5 crore
GST Council has retained cement along with paints in the 28% tax bracket
A uniform 5% tax was prescribed for all restaurants, both air-conditioned and non-AC
In the first half of the meeting in Guwahati, the Council decided to trim the 28% bracket to just 50 items, against 227 currently
Only 50 items, mostly demerit, sin and luxury goods, to remain in the highest tax bracket of 28%
Council expected to cut rates on A/C restaurants from 18% to 12%, deal with the issue of benami properties.
The Council has an exhaustive agenda for the 23rd meeting; it includes bringing real estate under GST, among other things
Most items in the highest tax slab of 28% could be moved to lower brackets with only 62 items likely to remain in the slab.
12 and 18 per cent slabs could be merged in the future: FinMin official
GST Council to implement a ranking of businesses based on their tax payment track record from January
The GST Council on Friday raised the composition scheme threshold for businesses to Rs 1 crore
Decision to bring down rate for AC restaurants to 12% and reduction of tax slabs for around 60 items to 5% from 12% will help boost household spending and further economic
The changes were made three months after rollout of the new indirect tax regime
SMEs complained of tedious compliance burden under GST that was supposed to be a simple indirect tax regime which replaced over a dozen Central and state taxes
The panel decided to reduce tax rates for items including diesel engine parts, man-made yarn, ready-to-eat snacks, plastic and paper waste
Kerala Finance Minister Thomas Isaac said exporters will get IGST relief and e-wallet facility for six months
The GST Council is likely to give a major relief to exporters as well as small and medium enterprises