Guwahati: Goods and Services Tax (GST) is a very hot topic in the Indian market and has been evolving. During the 23rd GST Council meeting in Guwahati, Finance Minister Arun Jaitley outlined few updates on the GST rates to reduce pressure on some sectors. During the briefing, Mr. Jaitley said that restaurants in the country will be levied a GST of 5 % and they will have the input tax credit (ITC) benefit. After media coverage on the outcry of many economic forums, Goods and Services Tax (GST) Council brought down the tax rate on as many as 150 items from the highest slab of 28%. Currently items fell under the GST slabs (0%, 5%, 12%, 18% and 28%).
Union Finance Minister Arun Jaitley announced that 178 items which were 28 percent GST are now included in 18 percent tax slab. Items included many household items like furniture, switches, shampoos. Jaitley said that GST rates will be effective from November 15. So far, only 50 luxury items are in the 28% slab.
Jaitley said that apart from cement paint, the goods were made cheap, explaining that after four months of commencement of the commodity and service tax, there has been a massive change in the interest of providing relief to small and medium businesses.