23rd GST Council meeting was held in Guwahati, Assam in which the council decided to slash tax rate on a wide range of mass use items
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- Nearly about 178 items have been put into lower tax category of 18 percent out of 228 items in 28 pc tax bracket previously.
Highlights of the meeting
- Revenue Secretary Hasmuksh Adhia proposed to cut the fine for late filing from Rs. 200 to Rs. 20 per day for nil liability tax filers.
- 18 percent tax with input tax credit will be charged from starred-hotels Restaurants
- Restaurants in lower category will be charged 5 percent GST without ITC
- 5% uniform tax on all AC or non-AC restaurants
- No input credit for restaurant industry
- Detergent, marble floorings, toiletries among items shifted to 18 percent tax bracket
- 178 items moved from 28 per cent to 18 per cent GST slab
- The GST Council decided that taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 on quarterly basis
- Taxpayers with a turnover of above Rs. 1.5 crore need to file GSTR-1 on monthly basis.
- The turnover threshold for composition scheme, under which businesses can pay taxes at a nominal rate, has been hiked to Rs 1 crore, from Rs 75 lakh earlier.
