Expectations are high as GST Council meeting happen today

GST council meet today, approximately about 200 items may get cheaper

An important meeting of GST Council will commence today in Guwahati. The meeting will be headed by Union Finance Minister Arun Jaitley.

Expectations are high at the meeting today, many items could approve tax cut which in turn benefits many businesses and common people.

A decision could also be taken on lowering of tax rates food served in restaurants is also expect to happen at today’s meeting. The GST Council is also expected to offer more relief to small and medium enterprises (SMEs) in terms of compliance burden.

As per the panel’s suggestion the tax rate distinction between AC and Non AC restaurants will be lifted. The rate will be fixed at a common 12 percent.

The tax rates on over 200 daily-use items are expected to come down from 28 percent to 18 percent as the Council may expel the items in the highest 28 per cent GST rate.

Most probably the lowering slab contains items like handmade furniture, shampoo, sanitary ware, suitcase, wallpaper, plywood, stationery articles, watch, and play instruments,

The GST Council has been meeting every month since the new indirect tax regime was introduced on July 1, 2017. The GST Council, which comprises of representatives of all states, has already rationalized tax rates for over 100 items.