GST Relief: Key Highlights
AC & Non_AC restaurants will now come under the 5% tax bracket, without input tax credit
Hotels with tariffs above Rs 7,500 per night and outdoor catering will levy 18% GST
Tax rates on 178 items slashed to 18%
GST on marble, flooring, detergent, toiletries reduced to 18%
GST on wet grinders, armoured vehicles reduced to 12% from 28%
The new rates will be effective from November 15
Nov 10, 07:27 PM (IST)
GST relief doesn't end there. BIG NEWS. The Finance Minister has confirmed that all restaurants (AC & non-AC) will come under the 5 percent tax bracket, without Input Tax Credit (ITC). He said the decision had to be taken as the restaurants were not passing ITC benefits to customers. Customers were burdened as they were charging GST on previous rates.
Nov 10, 08:36 PM (IST)
Tax experts tell CNBC TV-18 that the outcome of the 23rd GST Council Meet was almost like a 'mini-Budget' decision. The revised rates bring much cheer to the consumers.
Nov 10, 08:34 PM (IST)
It has been a consistent endeavour of the govt. to work closely with citizens in nation building. #GSTCouncil is an example
Congress takes credit for the GST Council Meet decision| Congress Charan Sigh Sapra, a Congress spokesperson, tells CNBC TV-18 that Congress appreciates these moves because it is they who pushed for these decisions to come to force.
Nov 10, 08:22 PM (IST)
.@GST_Council announces big changes; 178 items are out of the 28% bracket & only 50 remain. Catch all the updates #… https://t.co/p9WcuFeSyP
Jaitley spells some numbers, says overall tax collection in first 3 months of GST around Rs 93,000-95,000 crore. Only GSTR-1, GSTR-3B forms need to be filed; GSTR-2 & 3 need not be filed as of now, he adds.
Late filing penalty for 'nil returns' cut to Rs 20/day from Rs 200/day. Late filing penalty without ‘nil returns’ cut Rs 50/day from Rs 200/day.
Nov 10, 07:48 PM (IST)
Adhia says taxpayers with turnover less than Rs 1 crore should file invoices every quarter. Taxpayers with turnover above Rs 1 cr should file invoices every month, he adds.
Nov 10, 07:44 PM (IST)
Adhia says the Council may have to take another look at forms for GSTR 1, GSTR 2 & GSTR 3. All taxpayers to file only GSTR-1 in current year, he adds.
Nov 10, 07:42 PM (IST)
#GSTCouncil | @adhia03 says filing of returns 3B for all taxpayers will continue till March 2018
It's Finance Secretary Hasmukh Adhia's turn to speak now. He says returns filing process to be made simpler by making it interactive.
Nov 10, 07:39 PM (IST)
GST on marble, flooring, detergent, toiletries reduced to 18%.
GST on wet grinders, armoured vehicles reduced to 12% from 28%.
Nov 10, 07:33 PM (IST)
#GST | Finance Minister @arunjaitley Says 6 Items Moved From 18% Slab To 5% Slab 8 Items Moved From 12% Slab To 5% Slab 6 Items Moved From 5% Tax Bracket To ‘Nil’
Hotels with tarriffs over Rs 7,500 per night, however, won't fall under the 5 percent bracket. They would be taxed at 18%, as per the current norms. Other items like outdoor catering will get a levy of 18%, Jaitley said.
Nov 10, 07:21 PM (IST)
178 items moved to 18% tax slab: Jaitley
Jaitley has confirmed that 178 items have been moved from the 28 percent to the 18 percent slab. New rates will be effective November 15. Items from construction such as marble, flooring will be included in the 18 percent tax slab. Only 50 goods will stay in the highest slab of 28%.
Nov 10, 07:19 PM (IST)
#GST | Finance Minister @arunjaitley says in the last 3 meetings, have been looking at the 28% tax bracket: Have been rationalising items in the 28% brackets in to lower tax slabs pic.twitter.com/wj997h2Puq
Finance Minister Arun Jaitley is addressing the media now. Initially, GST rates were fixed keeping in mind previous tax structure which comprised VAT and excise. The GST Council has systematically looked at the 28 percent GST slab over the last three months and accordingly rates have been cut. Just the demerit goods will stay in the 28 percent slab, he said.
Nov 10, 07:16 PM (IST)
Finance Minister Arun Jaitley will address a press conference in Guwahati shortly to inform about the changes to GST rate structure. Sweeping changes such as simpler procedures, a single return filing form for SMEs are likely to have been approved.
Nov 10, 07:05 PM (IST)
BREAKING | Eating out will get cheaper as the GST Council is likely to slash the tax rate on restaurants to 5 percent, without input tax credit, sources told Moneycontrol. Currently, an 18 percent GST is levied on AC restaurants, while non-AC restaurants charge 12 percent.
Nov 10, 06:32 PM (IST)
Rs 60,000 crore revenue loss for the Centre and Rs 30,000 crore for states due to GST, reports CNBC TV-18
Nov 10, 06:25 PM (IST)
178 items removed from 28% slab to 18 % in GST. Only 50 demerit & luxury items now in 28% slab.
JUST IN: All restaurants may move to 5% tax bracket, without input tax credit. The bracket may exclude 5-star ones,sources told Moneycontrol.
Nov 10, 06:04 PM (IST)
No interstate and input tax credit composition dealers, reports CNBC TV-18
Nov 10, 06:03 PM (IST)
GST Council decides rate for traders and manufacturing under composition at 1% , reports CNBC TV-18
Nov 10, 05:55 PM (IST)
CNBC TV-18 | The 50 items under the 28% list are likely to be demerit, sin and construction goods
Nov 10, 05:43 PM (IST)
PTI | PTI reported yesterday that the GST Council is in favour of expanding the composition scheme. Composition scheme is a scheme which is open manufacturers, restaurants and traders businesses whose turnover does not exceed Rs 1 crore, which was raised at the October 1 meeting. The initial threshold was Rs 75 lakh. Now, the threshold has jumped to Rs 2 crore.
highlights
GST Relief: Key Highlights
AC & Non_AC restaurants will now come under the 5% tax bracket, without input tax credit
Hotels with tariffs above Rs 7,500 per night and outdoor catering will levy 18% GST
Tax rates on 178 items slashed to 18%
GST on marble, flooring, detergent, toiletries reduced to 18%
GST on wet grinders, armoured vehicles reduced to 12% from 28%
The new rates will be effective from November 15
GST Relief: Key Highlights
AC & Non_AC restaurants will now come under the 5% tax bracket, without input tax credit
Hotels with tariffs above Rs 7,500 per night and outdoor catering will levy 18% GST
Tax rates on 178 items slashed to 18%
GST on marble, flooring, detergent, toiletries reduced to 18%
GST on wet grinders, armoured vehicles reduced to 12% from 28%
The new rates will be effective from November 15
GST relief doesn't end there. BIG NEWS. The Finance Minister has confirmed that all restaurants (AC & non-AC) will come under the 5 percent tax bracket, without Input Tax Credit (ITC). He said the decision had to be taken as the restaurants were not passing ITC benefits to customers. Customers were burdened as they were charging GST on previous rates.
Tax experts tell CNBC TV-18 that the outcome of the 23rd GST Council Meet was almost like a 'mini-Budget' decision. The revised rates bring much cheer to the consumers.
Congress takes credit for the GST Council Meet decision| Congress Charan Sigh Sapra, a Congress spokesperson, tells CNBC TV-18 that Congress appreciates these moves because it is they who pushed for these decisions to come to force.
Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017
Full list of GST Council recommendations
Jaitley spells some numbers, says overall tax collection in first 3 months of GST around Rs 93,000-95,000 crore. Only GSTR-1, GSTR-3B forms need to be filed; GSTR-2 & 3 need not be filed as of now, he adds.
Late filing penalty for 'nil returns' cut to Rs 20/day from Rs 200/day. Late filing penalty without ‘nil returns’ cut Rs 50/day from Rs 200/day.
Adhia says taxpayers with turnover less than Rs 1 crore should file invoices every quarter. Taxpayers with turnover above Rs 1 cr should file invoices every month, he adds.
Adhia says the Council may have to take another look at forms for GSTR 1, GSTR 2 & GSTR 3. All taxpayers to file only GSTR-1 in current year, he adds.
It's Finance Secretary Hasmukh Adhia's turn to speak now. He says returns filing process to be made simpler by making it interactive.
GST on marble, flooring, detergent, toiletries reduced to 18%.
GST on wet grinders, armoured vehicles reduced to 12% from 28%.
Hotels with tarriffs over Rs 7,500 per night, however, won't fall under the 5 percent bracket. They would be taxed at 18%, as per the current norms. Other items like outdoor catering will get a levy of 18%, Jaitley said.
178 items moved to 18% tax slab: Jaitley
Jaitley has confirmed that 178 items have been moved from the 28 percent to the 18 percent slab. New rates will be effective November 15. Items from construction such as marble, flooring will be included in the 18 percent tax slab. Only 50 goods will stay in the highest slab of 28%.
Finance Minister Arun Jaitley is addressing the media now. Initially, GST rates were fixed keeping in mind previous tax structure which comprised VAT and excise. The GST Council has systematically looked at the 28 percent GST slab over the last three months and accordingly rates have been cut. Just the demerit goods will stay in the 28 percent slab, he said.
Finance Minister Arun Jaitley will address a press conference in Guwahati shortly to inform about the changes to GST rate structure. Sweeping changes such as simpler procedures, a single return filing form for SMEs are likely to have been approved.
BREAKING | Eating out will get cheaper as the GST Council is likely to slash the tax rate on restaurants to 5 percent, without input tax credit, sources told Moneycontrol. Currently, an 18 percent GST is levied on AC restaurants, while non-AC restaurants charge 12 percent.
Rs 60,000 crore revenue loss for the Centre and Rs 30,000 crore for states due to GST, reports CNBC TV-18
JUST IN: All restaurants may move to 5% tax bracket, without input tax credit. The bracket may exclude 5-star ones,sources told Moneycontrol.
No interstate and input tax credit composition dealers, reports CNBC TV-18
GST Council decides rate for traders and manufacturing under composition at 1% , reports CNBC TV-18
CNBC TV-18 | The 50 items under the 28% list are likely to be demerit, sin and construction goods
PTI | PTI reported yesterday that the GST Council is in favour of expanding the composition scheme. Composition scheme is a scheme which is open manufacturers, restaurants and traders businesses whose turnover does not exceed Rs 1 crore, which was raised at the October 1 meeting. The initial threshold was Rs 75 lakh. Now, the threshold has jumped to Rs 2 crore.