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New GST rates: From condensed milk to restaurant bills, here is a list of essential items which will get cheaper from today
A number of goods including daily-use products like toiletries and furniture will become cheaper with the revised GST rates for over 200 items coming into effect on Wednesday.
The GST Council, headed by the finance minister, in its last meeting at Guwahati on November 10 had decided to cut rates on around 200 items.
Rahul Gandhi claimed victory and said the Congress will abolish the multi-slab system introduced by the BJP and simplify it to just 18 percent tax after coming to power in 2019.
Goa Congress chief Shantaram Naik alleged that Prime Minister Narendra Modi, Union Finance Minister Arun Jaitley, Revenue Secretary Hasmukh Adhia were responsible for the loss.
Congress general secretary in-charge of Gujarat said that the GST Council yesterday decided to cut the tax rates due to the pressure mounted by Gandhi
Now, businesses will have to file simplified Initial GSTR-3B returns till March. Also, kept in abeyance is monthly matching of sales and purchase invoice till March 2018.
Benchmarks Sensex and Nifty overcame a spell of fag-end volatility to close with moderate gains today as investor sentiment got a lift.
As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both AC and non-AC.
Friday's meeting is likely to witness the largest shake-up in GST rates since its rollout on July 1.
Om Prakash Dhurve remarked this at a discussion on noteban and GST on Wednesday, ahead of the crucial meeting of the GST Council scheduled to be held on Friday.
Citing the political tussle in poll-bound Gujarat, Chidambaram claimed that the government was “forced to heed advice of Opposition and experts on flaws in the implementation of GST.”
Currently, restaurants with no AC and no bar attract a GST of 12 per cent, while all other restaurants fall under the 18 per cent bracket.
The GST Council, comprising state finance ministers, is also set to review the GST returns filing cycle and make it taxpayer friendly.
Panel recommends turnover threshold for the composition scheme be raised to Rs 1.5 crore, up from Rs 1 crore
Hectic parleys are underway to announce major concessions for small traders who could swing the fortunes of the ruling party in the Gujarat assembly elections.