Moneycontrol
Nov 10, 2017 08:49 AM IST | Source: NEWS18.com

GST council likely to announce tax cuts today, daily-use items and dining out may get cheaper

Four months after the Goods and Services Tax (GST) was rolled out, the panel headed by Union Finance Minister Arun Jaitley will look at the most comprehensive overhaul of rates, easing returns filing and providing more relief to small and medium enterprises.

The GST Council may on Friday approve tax cuts on items that fall within the 28% slab and slash rates for daily use items, plastic products and hand-made furniture as it looks to provide relief to consumers.

Four months after the Goods and Services Tax (GST) was rolled out, the panel headed by Union Finance Minister Arun Jaitley will look at the most comprehensive overhaul of rates, easing returns filing and providing more relief to small and medium enterprises.

The 23rd meeting of the Council, being held in Guwahati, will also deliberate on the suggestions made by Assam Finance Minister Himanta Biswa Sarma-headed GoM to cut tax rates for the composition scheme businesses to 1% and lower rates for non-AC restaurants.

The Council, comprising state finance ministers, is also set to review the GST returns filing cycle and make it taxpayer friendly.

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