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emfizz.com November 23, 2017


'GST on 50 items of mass consumption slashed to 18%'

11 November 2017, 01:50 | Terri Saunders

Sushil Kumar Modi

Sushil Kumar Modi

RETURN FILING: The GST council today made a decision to simplify the return filing procedure in a massive way.

Karnataka Agriculture Minister Krishna Byre Gowda said the Congress had earlier asked that the GST rate should not be more than 18%, but the Centre went ahead with the five tax rate slabs of 0, 5, 12, 18 and 28%. "Tax on goods of mass consumption like chewing gum, chocolates, shaving items, shampoo, skin creams, whose revenue implication is not much, has been reduced", he told reporters here on the sidelines of the GST Council meeting.

In a bid to ease compliance burden for traders and businesses, fine for late filing of returns be cut to Rs 20 per day from Rs 200 for nil liability tax filers, Revenue Secretary Hasmuksh Adhia said.

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Reviewing the goods under 18 % GST bracket, the council meeting today recommended reduction of GST rate to12% in respect of 13items, to 5 % in respect of six items.

A panel, headed by Assam Finance Minister Himanta Biswa Sarma, has suggested doing away with the tax rate distinction between AC and non-AC restaurants not covered under composition scheme. GST rates for all restaurants will be 5 per cent from now on. All the new GST rates will come into effect from November 15 next. But with no input tax credit, several experts said restaurateurs may end up increasing menu prices. The GST Council, which comprises of representatives of all states, has already rationalised tax rates for over 100 items.

On the same issue of luxury items, Suresh Nandlal Rohira, Partner, Grant Thornton India LLP said: "Luxury goods such as air conditioners, washing machines, etc. shall be continued to be taxed at 28 per cent and so will goods such as paints and cement". Sushil Modi said like demonetization, GST too aimed at "achieving a clean, transparent and honest economy" and claimed "the common people have no problems with the new tax regime per se".



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