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GST Council Meet: 178 items moved to 18% tax bracket, says FM Arun Jaitley

10 November, 2017 2:33 PM
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GST Council Meet: 178 items moved to 18% tax bracket, says FM Arun Jaitley

The Goods and Services Tax (GST) Council on Friday decided to slash tax slabs for 178 items from 28 percent to 18 percent.

Guwahati: Finance Minister Arun Jaitley on Friday announced that the Goods and Services Tax (GST) Council has decided to slash tax slabs for 178 items from 28 percent to 18 percent.

"The GST Council has decided to slash tax slabs of 178 items from 28 percent to 18 percent. It will be applicable from 15th of this month," the Finance Minister said while briefing media here after the two-day long meeting.

For two items, tax slab has been lowered from 28 percent to 12 percent.

He also said the Council had been looking at the 28 percent tax slab and constantly rationalising items in it in lesser tax slabs.

13 items have been moved from 18% to 12%, 6 items from 18% to 5%, 8 items from 12% to 5%, 6 items from 5% to nil, the FM said.

All restaurants in the country to be levied GST of 5% and there will be no ITC benefit to any restaurant, the Finance Minister said after 23rd GST Council Meet.

Source: zeenews.india.com

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