On 10 November 2017, the Goods and Services Tax (GST) Council reduced the tax rate on 178 items from 28% to 18%. GST Council also brought all AC and non-AC restaurants in the 5% GST bracket without the input tax credit (ITC). Only 50 items, mostly demerit, sin and luxury goods will be in the 28% tax bracket.
Taxpayers with turnover up to Rs 1 crore will have to file invoices once every quarter, whereas those with turnover above Rs 1 crore will have to file their invoices every month, Finance Secretary said in a press conference. Finance Secretary also said that tax payers with zero tax liability will now have it much easier. The GST Council has decided in today’s meeting that filing of return for GSTR-3B will continue till March 2018. All taxpayers will have to file only GSTR-1 in the current year.
After the GST council meeting, Finance Minister announced the cuts in tax slab for items ranging from chewing gum to chocolates. The new rates will be applicable from 15 November 2017 to provide relief to consumers.
