Eating out to be cheaper as GST on all restaurants cut to 5%

Written by November 10, 2017 19:16

Guwahati: Union Finance Minister Arun Jaitley addressed the media today after the conclusion of 23rd GST Council Meeting in Guwahati, Assam.

The FM said that the new GST rates which were announced earlier will be applicable from November 15.

 
Live updates:

 

Hotels with room rent of Rs 7,500 and above will attract 18% tax.

Six items have been shifted from 5% GST bracket to 0% basket

Eight items from 12% have been moved to 5%

Six items have been moved from 18% to 5% bracket.

13 items have been shifted to 12% from 18% GST bracket

Wheat grinders and armour fighting vehicles have been brought to 12 per cent

– Starred hotels will be taxed at 18% with the benefit of input tax credit

If there is a nil return to be filed then late filing penalty will be reduced to Rs 20. For others it has been reduced to Rs 50.: Hasmukh Adhia, Finance & Revenue Secretary

Filing of return for 3B will be continued till March. All tax payers will continue to file 3B till March 2018: Hasmukh Adhia, Finance & Revenue Secretary

– 178 items moved from 28% to 18% GST slab, changes will be applicable from November 15.
– 228 items were in the 28% GST category, which were then rationalised by the committee
– We have been rationalising 28% GST tax bracket items into lower slabs
– 13 items moved from 18% to 12%, 6 items from 18% to 5%, 8 items from 12% to 5%, 6 items from 5% to nil
– All restaurants in the country to be levied GST of 5%, no ITC benefit to any restaurant