Here are the major decisions taken today at GST Council meeting
Major decisions taken at GST Council meeting held today:
1. Tax rate on cloth reduced to 5% from 12%.
2. Tax rate on 60 items reduced to 5% from 12%.
3. Restaurant Tax reduced to 12% from 18% GST.
4. Turnover for composition scheme raised from ₹75 Lakhs to₹ 1 crores.
5. E-way bill provisions deferred till April 2018.
6. Reverse charge to be abolished till 31.03.2018.
7. Quarterly returns for taxpayers with annual turnover less than ₹1.5 crores. Tax to be paid on monthly basis.
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