GST council can make big announcements today: Here is all you need to know
The GST Council meeting will be held today at Guwahati, and there are expectations the GST council, headed by Finance Minister Arun Jaitley , could approve tax cuts on many goods. Notably, the GST council is also expected to offer some relief to small and medium enterprises.
Here are few you things you need to know about the GST council meeting
- The items like handmade furniture, shampoo, sanitary ware and suitcase are expected to come down from 28 percent to 18 percent.
- The panel is also expected to bring down the tax rate on food served in restaurants, which could make dining out cheaper.
- Currently, for NON- A/C restaurants GST is 12 percent and from AC restaurant its 18 percent
- To ease the burden on small and medium industries, the GST council is also going to review the requirement of filing three returns every month under the GST set-up.
- Notably, businesses with the turnover of 1 crore can opt for the composition scheme, which will enable them to pay tax at a flat rate without any input credit.
- Notably, a panel headed by Assam Finance Minister had also suggested that eating out at hotels that have room tariff of more than Rs. 7,000 should attract a uniform 18 percent rate instead of any separate category for 5 –star hotel, which currently falls under the 28 percent bracket.
Notably, the GST council has already rationalized taxes for over 100 items, and today some big decisions would be taken by the GST council.
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