GST Council Meet: Chocolates, necklaces, shampoos may become cheaper

Key Highlights

• Almost 80% of items in the 28% tax slab are expected to get cheaper.
•  Out of the 227 items in the highest tax slab an estimated 167 items may see downward revision in taxes.
• Separate charges on non-AC and AC restaurants may also see elimination after this meet.

#Breaking : रोजमर्रा की चीजें और ब्यूटी प्रोडक्टस पर अब 18 % GST लगेगा #GSTCouncil pic.twitter.com/oiAuJ2vBiK

— Zee Business (@ZeeBusiness) November 10, 2017

#Breaking : केवल 50 आइटम 28 % स्लैब में रहेंगें . Watch Live https://t.co/kfFXrehZIb #GSTCouncil @FinMinIndia pic.twitter.com/tH9EQkvnGl

— Zee Business (@ZeeBusiness) November 10, 2017

A lot of hopes riding on the Goods and Services Tax (GST) Council that will meet again today to decide on revision of tax rates for more items. Analysts expect the Council to revise the taxes lower for a total of 200 items.

The two-day long meet which began on Thursday was headed by Union Minister of Finance, Arun Jaitley.

Almost 80% of items in the 28% tax slab are expected to get cheaper.

Not only restaurant services but also daily used products like shampoo, soaps will get a lower tax slab.

Out of the 227 products in the 28% tax slab, Zeebiz estimated 167 items to be debated in the GST Council today. Only an estimated 62 items will remain in the 28% tax slab.

Revision of tax rates may be discussed on the following items.

• necklaces
• cushion covers
• cutlery
• sanitary ware
• suitcase
• wall paper
• plywood
• Stationary articles
• watch
• kitchen appliances
• glasses
• shampoos
• chocolates
• food served in restaurants

The Council will discuss the proposal of removing the difference in taxes on AC and Non-AC restaurants. Currently a total of three tax rates on restaurants prevail. Non-AC restaurants have a total of 12% GST. While AC and 5 star restaurants each have 18% of GST.

Another proposal of simplifying the bills printed under the GST regime has been laid on the table.

GST regime came into play on July 1, 2017. The Council has met every month since the 'one tax' implementation. Last month the council revised tax rates on 27 items and 12 services including dried mango slices, khakra and namkeens.