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23rd GST Council Meeting begins in Guwahati

11 November 2017

Reviewing the goods under 18 % GST bracket, the council meeting today recommended reduction of GST rate to12% in respect of 13items, to 5 % in respect of six items.

Under (GST) regime implemented from July, over 1,200 products and services have been fitted into one of the 5, 12, 18 and 28 per cent tax slabs based on the principle of keeping the total tax incidence at nearly the same level as previously as well as keeping revenue collections neutral.

On Friday, Finance Minister Arun Jaitley announced that the GST Council has made a decision to slash tax slabs for 178 items from 28 per cent to 18 per cent.

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Finance Minister Arun Jaitley had earlier hinted at pruning the list of items in the highest GST tax bracket of 28 per cent after revenue in the new regime equalise collections previously.

While speaking to ANI, Congress leader Randeep Surjewala said, "A consistent pressure put by the Congress especially by vice-president Rahul Gandhi and also finance minister has finally worked on some items".

The Congress on Friday lashed out at Prime Minister Narendra Modi stating that the entire Goods and Services Tax (GST) architecture and design was "defective". All these got input tax credit, a facility to set off tax paid on inputs with final tax.

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"Government can no longer duck these issues", he said adding that the Gujarat elections had forced the government to heed advice of the opposition and experts on the flaws in the implementation of GST.

Ahead of the GST Council meeting, Punjab, Karnataka and Puducherry, where the Congress is in power, had jointly voiced their reservations over glitches with the GST tax-filing network, demanding that real estate and petroleum products be brought under the new regime and the tax rate be kept at no more than 18%. So if you go to a restaurant expecting that the bill would be around 500 per person, at the end with the service charges and taxes it would come to be around 700 per person", she said.The Delhi Hotel and Restaurant Owner's Association president, Sandeep Khandelwal, welcomed the lower tax rates and said this would incentivise people to pay taxes."People will not try to cheat on taxes now.

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23rd GST Council Meeting begins in Guwahati