Big Relief on GST, 178 Products rates reduced from 28% to 18%

Government has given great relief to people on the GST. Several major decisions were taken at the GST Council meeting. 178 products have been removed from the tax slab of 28 percent and 18 percent slab. There is also good news for the dining enthusiasts. So far GST was 18 percent on eating in restaurants. Now, in every type of restaurant, only 5 percent of the tax will be charged on the meal. Finance Minister Jaitley told about the tax slab giving details after the two-day marathon meeting. The new tax slab will be applicable from November 15.

 

The Finance Minister said that 178 out of 228 products have been reduced from 28 to 18 percent. GST has been reduced from 28 to 18 percent on some items of detergent, marble flooring and toilet. Some products, including marble, have been brought under the scope of 28 to 12 percent. GST has been revised from 18 to 12 percent on 13 products. At the same time, 6 products have been brought directly from 18 to 5%. 8 products have been made from 12 to 5 percent, while 6 products have been made free of GST.

 

Relief has also been provided to the businessmen. Relieving them to fill in Form 3b, it can now be filled up by March 31. At the same time, the traders with less than 1.5 crore turnover have been given time till 15 February. If there is one and a half million turnover, the returns will be filed every month. The amount of penalty has also been reduced when the delay is filled. GSTR-1 will now be filled once in three months. Committee has been formed to review GSTR-2. The deadline for filling GSTR-4 was kept on December 24. Revenue Secretary Hasmukh Adhia said that after filing of GST from the delay, the penalty on taxpayers with zero liabilities has been reduced from 200 rupees to 20 rupees per day.

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