The GST Council on Friday in the biggest tax overhaul slashed tax rates on over 200 items, ranging from chewing gum to chocolates, to beauty products to wrist watches to provide relief to consumers and businesses. As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent. After these changes, only 50 items will attract GST rate of 28 per cent. Tax on two items was cut from 28 per cent to 12 per cent while on six items was reduced from 18 per cent to 5 per cent. On eight items, tax was reduced from 12 per cent to 5 per cent and on six items from 5 per cent to nil. However five-star restaurants within starred-hotels with room rent above Rs. 7,500 will attract 18 per cent and can still avail ITC benefits, the council said. Outdoor catering will attract 18 per cent GST with input tax credit benefits.
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The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.
The Centre's proposed reduction in GST is also expected to lead to a drop in costs for car buyers, reducing on-road prices as well as EMIs.
Proposed GST cuts on petrol and diesel vehicles could reduce EVs price advantage, slowing adoption while causing major revenue losses for the government - HSBC.
A key meeting of the Group of Ministers (GoM) on GST rate rationalisation on Thursday ended with state finance minister accepting the Centre's plan to reduce the number of tax slabs.
Over 50 million Micro, Small and Medium Enterprises in India, who have GST and Business PAN (B-PAN), can have digital procurement access through Amazon Business ahead of the upcoming festive season, the global e-commerce giant said on Thursday
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