Finance Minister Jaitley said the decisions on changing the tax rates were taken on the recommendations of the fitment committee and the changes will come into force from Jan 25.
The GST Council is expected to simplify the process of registration, returns filing and claiming input tax credit (ITC) under the new indirect tax regime, as per reports.
Mess facility provided to students and staff will attract 5 per cent GST irrespective of whether it is provided by educational institution or outside contractor.
While the downward trend in GST collection started from October, the November figure may have been impacted by the major revamp of the GST tax structure brought in during the November 10 Guwahati meeting.
Under the e-way bill system, goods worth more than Rs 50,000 have to be pre-registered online before they can be moved from one state to another.
Since 40% of the state and central revenues come from petroleum products, they will have the liberty to levy taxes over and above the GST rate, Sushil Modi said.
Admitting there were some technical glitches in the filing systems under the regime, Arvind Subramanian said the new system is a bit "complicated" as states have different IT systems and these issues are being addressed by the GST Council.
Ravi Shankar Prasad said that the latest decision reflects government's full commitment to take all possible steps to ensure benefits of implementation of GST to the common man.
Five ways some restaurants could attempt to con you into paying more and how you can protect yourself.
FM Jaitley also said that rationalisation of GST rates was a long exercise and linking it to Gujarat elections was 'juvenile politics'.
Federation of Hotel and Restaurant Associations of India (FHRAI) welcomed the GST Councils decision, saying it will help restaurants across India rationalise tariffs.
The move was welcomes by the India Inc. which said that the ‘big changes in the GST rates’ will lead to a pickup in consumer demand and significantly revive the business sentiment.
Till March, businesses with a turnover of over Rs 1.5 crore will have to file only GSTR-1 or sales returns by 40th day of the end of the month. This will be in addition to initial GSTR-3B returns.
CMA President Shailendra Chouksey said the retention of the cement in the 28 per cent GST bracket, along with luxury items such as washing machines and air conditioners, is quite unfortunate.
Industry body Assocham's Secretary General D.S. Rawat said that the "big changes in the GST rates" will lead to a pickup in consumer demand and significantly revive the business sentiment.
At yesterday’s meeting, GST Council decided to slash tax slabs for 178 items from 28 per cent to 18 per cent. It will be applicable from 15th of this month.
Currently, 12 per cent GST on food bill is levied in non-AC restaurants and 18 per cent in air-conditioned ones. All these got input tax credit, a facility to set off tax paid on inputs with final tax.
Earlier in the day, the GST Council decided to reduce tax rate on a wide range of mass use items - from chewing gums to detergents -- to 18 per cent from current 28 per cent.
For the week, the Sensex recorded a fall of 371 points, or 1.10 per cent, and the NSE Nifty 130.75 points, or 1.25 per cent.
Sushil Modi, who also holds the finance portfolio, was interacting with representatives of associations formed by traders involved in businesses like food, textiles, consumer goods, real estate etc.
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