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Union Finance Minister Arun Jaitley on Friday said 178 items have been put into lower tax category of 18 per cent out of 228 items in 28 pc tax bracket previously. He held a brief press conference after the 23rd GST Council meeting in Guwahati, Assam. The GST Council slashed tax rate on a wide range of mass use items– ranging from chewing gums to detergents–to 18 per cent from existing 28 per cent.
In the run-up to the assembly elections in Gujarat and Himachal Pradesh, opposition Congress and its leaders have been targeting the government over difficulties faced by some businesses under the GST regime, with party vice-president Rahul Gandhi even calling it a ‘Gabbar-Singh Tax’.
Below are the highlights from the Arun Jaitley presser following 23rd GST Council meeting:
7.40 pm: Revenue Secretary Hasmuksh Adhia said the fine for late filing will be cut to Rs 20 per day from Rs 200 for nil liability tax filers.
7.37 pm: Restaurants in starred-hotels will charge 18 per cent tax with input tax credit, those in lower category hotels to charge 5 per cent GST without ITC, Jaitley said.
7.35 pm: Restaurant industry will not get input tax credit; tax rate will be 5 per cent uniform for all AC or non-AC restaurants, says Jaitley.
7.32 pm: Tax rate on 13 items reduced from 18 per cent to 12 per cent, while tax rates have been reduced to 5 per cent on five items from 18 per cent. Besides, rate on 6 items lowered to zero from 5 per cent, says Finance Minister Jaitley.
7.30 pm: Detergent, marble floorings, toiletries among items shifted to 18 per cent tax bracket from 28 per cent, says Jaitley
7.25 pm: 178 items moved from 28 per cent to 18 per cent GST slab, changes will be applicable from November 15: FM Arun Jaitley.
7.23 pm: Finance Minister Arun Jaitley is addressing the media after 23rd GST Council Meet in Guwahati, Assam.
3.25 pm: Pictures from the 23rd GST Council meeting in Guwahati.
2:30 pm: GST meeting will be path-breaking, many crucial decisions in favour of traders, manufacturers and consumers will be taken. Some important decisions have already been taken like reducing almost 200 goods from 28% to 18% slab: Himanta Biswa Sarma, Assam Finance Minister
2:15 pm: GST Council announces big relief for consumers. “The GST Council decides to keep only 50 items, mostly demerit, sin and luxury goods in top 28% bracket,” Bihar Deputy CM Sushil Modi said. “Lower 18 per cent GST will be levied on chewing gums, chocolates, after-shave, deodorant, washing power, detergent, marble,” he added.
1:51 pm: The Congress-ruled states of Karnataka and Punjab, and Union Territory Puducherry have demanded a complete overhaul of the GST rate structure and simplification of the procedures.
1:35 pm: Manish Sisodia said: “Tax rates should have been set lower from July 1 itself and I have said that 28 per cent tax rate means you are encouraging black marketing.”
1:28 pm: Delhi deputy chief minister Manish Sisodia, who is present at the crucial meeting, said lower tax rates should have been implemented from July 1, when the GST was rolled out.
1:24 pm: The Congress-ruled states have been demanding rationalisation of GST rates to bring down the peak tax rate from current 28 per cent.
1:20 pm: Delhi joined the growing chorus of opposition against the highest 28 per cent GST rate, saying a high rate would encourage black marketing.
1:00 pm: Congress leader P Chidambaram on Friday said a “shower of changes” is expected from the GST Council meeting in Guwahati and the “panic-stricken” Modi government has no option but to change the new tax rates.
12:45 pm: It may also look at rationalising rates in certain sectors where the total incidence of taxation has gone up because the goods were either exempt from excise or attracted lower VAT rates under the previous indirect tax regime.
12:30 pm: Comprising of state finance ministers, the Council is also likely to review the GST returns filing cycle and make it more taxpayer friendly.
