Thursday, November 23 2017

November 11, 2017

GST council took key decisions to reduce tax rates

The 23rd meeting of GST Council in Guwahati has decided on a comprehensive overhaul of GST. Several items that were under the 28% tax slab have been brought into lower tax slabs.Tax on restaurants has undergone a major change. Now all restaurants AC, non AC and irrespective of turnover will be taxed at 5% and they will not be eligible for Input Tax Credit.Traders and consumers in Mumbai have welcomed the announcement that will make eating out cheaper.