Hirunews Logo
HiruNews
HiruNews
HiruNews
India+cuts+consumer+tax+to+support+consumption+amid+economic+slowdown
Saturday, 11 November 2017 - 16:17
India cuts consumer tax to support consumption amid economic slowdown
1,035

Views
In the biggest GST rejig yet, tax rates on over 200 items, ranging from chewing gum to chocolates, to beauty products, wigs and wrist watches, have been cut to provide relief to consumers and businesses amid the economic slowdown.

As many as 178 items of daily use were shifted from the top tax bracket of 28 percent to 18 percent, while a uniform 5 percent tax was prescribed for all restaurants, both AC and non-AC, Finance Minister Arun Jaitley said after the GST Council meeting.

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.

Jaitley said the restaurants, however, did not pass on the input tax credit to customers and so the facility is being withdrawn and a uniform 5 percent tax is levied on all restaurants without the distinction of AC or non-AC.
Make a Comment
Make a Comment

DOWNLOAD HIRUNEWS APP ON ANDROID & APPLE
HiruNews
News Image
Hiru News Programme Segments
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
704 Views
HiruNews
HiruNews
HiruNews
6,711 Views
HiruNews
HiruNews
HiruNews
5,397 Views
HiruNews
HiruNews
HiruNews
10,935 Views
HiruNews
HiruNews
HiruNews
111 Views
HiruNews
HiruNews
HiruNews
38,926 Views
Top