Prime News, National, Business, Guwahati, November 10:- In a major relief to traders and consumers, the Goods and Services Tax (GST) Council has slashed tax on 178 items from 28 per cent to 18 per cent whereas it slashed tax rate of 2 items from 28 to 18 per cent.
Announcing the decision of the Council after its 23rd meeting in Guwahati, Finance Minister Arun Jaitley said that the Council decided to withdraw Input Tax Credit (ITC) for all restaurants and has applied 5 per cent of tax on all type of restaurants.
The revised GST rates will apply under composition scheme except those restaurants which are under starred hotels.
Jaitley said that that the council also slashed rates on 13 items from 18 per cent to 12 per cent; on 6 items from 12 to 5 per cent and on 6 items from 5 per cent to nil.
He said that as far as rate revision is concerned, Council reviewed the rates for 228 items and reduced the rates for 213 items including some luxury items, auto parts, aircraft components, detergents, marble flooring, toiletries, etc.
–(NGB, Inputs: Agencies)