The 23 rd GST Council meeting held here on Friday under the chairmanship of Union Finance Minister, Arun Jaitley chose to recommend major reliefs in GST rates on certain goods and services spread across many sectors and commodities.
The Council met in Assam's Guwahati earlier in the day.
The GST Council has decided that all restaurants will not attract GST at a rate of five per cent and will not be extended any input tax credit.
According to Divyesh Lapsiwala, Tax Partner, EY India: "Rate reduction for 200 plus goods and services may be suggestive of the fact that there is good buoyancy in tax collections, promoting a rate rationalisation".
The estimated revenue loss from the reduced items in high tax bracket is expected to be Rs 20000 crore annually, Modi said.
He also said the Council had been looking at the 28 percent tax slab and constantly rationalising items in it in lesser tax slabs. It has proposed a uniform tax rate of 12 per cent.
The panel also recommended lowering tax rates for manufacturers and restaurants under the composition scheme to 1 per cent. GST was being charged on existing rates. It is also likely to deliver its decision on the proposal for big businesses to file GST returns quarterly instead of monthly, and raising the sales ceiling for small businesses from Rs1 crore to Rs1.5 crore, thus enabling them to capitalise on the composition scheme are among the proposals before the GST Council.
The "panic-stricken" Modi government will be forced to heed the advice of the Opposition and experts due to the Gujarat Assembly elections next month, he said in tweets. "Besides, tax rate on 6 items have been lowered to zero from 5 per cent", Jaitley said, adding that detergent, marble floorings, toiletries among mass use items have been shifted to 18 per cent tax bracket from 28 per cent.
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