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As the GST council has reduced the tax rates on restaurants from 12-18 percent to direct 5 percent, there is a happy vibe in the industry.
Recently, in 23rd GST Council Meeting held in Guwahati, the Council revised rate structures under newly implemented tax reform. Impressive decisions have been taken by the tax officials and state finance ministers to reduce the tax burden on small business enterprises (SMEs).
After the successful completion of 23rd GST Council Meeting, now the council will focus on the lower tax slab rates under GST. As well as converting the multiple slab rates into two or three to make the new regime smooth-functioning.
It has been more than four months after GST rollout and now it seems that revenue loss chances have reduced. Data collected from GST Council shows that States are continuously enhancing GST collection by the remission of last due dates, a release of late payment charges for some time, and efforts of the government to attract towards compliance.
According to the recent poll organized by Dhruva Advisors, nearly 50 percent CEOs appreciating the Prime Minister Narendra Modi decision to implement the new indirect tax regime from 1s July across the country.
Punjab businessmen demanding from the GST council to reduce the tax rates on dry dates from 12 percent (present) to 5 percent, similar to raisins and cashew nuts.
The government has now decided to utilize the CBEC expertise and its network of about 4500 Seva Kendras to provide solutions to the small businesses and taxpayers who are tackling with the complex return filing procedure of Goods and services tax.
Goods and service tax has taken a lot of attention recently due to economic factor. One for advancement and another for its drawback related to strict compliance introduced.
23rd GST Council Meeting started today in Guwahati and for two days it will be discussing upon tax rates nearly on 150-200 items. Post GST implementation, traders and around six lakh business entities have wide expectations from Finance Minister Arun Jaitley.
