Procter & Gamble, Nestle and Perfetti Van Melle said they have either chose to cut down prices or are planning to do so after the GST Council cut tax on consumer goods to 18 percent from 28 percent, the Times of India reported. These items include furniture, detergents, shampoos, hair dyes, beauty products, perfumes, fans, lamps and mattresses. Under the previous GST structure, it all boiled down to 12 per cent GST for non-AC restaurants and 18 per cent GST for AC restaurants. But with no input tax credit, several experts said restaurateurs might end up increasing menu prices.
The Finance Minister said in more tax rate changes, 13 items will move from the 18 per cent slab to 12 per cent, six items from 18 per cent to 5 per cent, eight items from 12 to 5 and six from 5 per cent to nil.
Up to November 15, when the decisions take effect, the GST system requires businesses to submit at least three forms to file their returns. There was no economic rationale, to begin with, for clamping a 28 per cent rate on nearly a fifth of the goods under the GST schedule.
The customers looking to pay less at restaurants may not enjoy services at relaxed rates now after the Goods and Services Tax (GST) council chose to remove the input tax credit on Friday. The fitment committee had recommended that the top 28% slab should be pruned to 62 items. All our decisions are people-inspired, people-friendly and people-centric.
Many fast moving consumer products (FMCG) like shampoo, chocolates, nutrition drinks and condensed milk likely to fall under 5-15 percent tax slab after Goods and Services Tax (GST) and majors in the segment have chose to slash prices with immediate effect.
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"As typically, GST in relation to construction becomes a cost to most, non lowering of the significant tax costs of cement has disappointed the construction industry and customers as a whole", he said. Even luxury goods like washing machines and air conditioners have been retained at 28 per cent.
"Thirteen items, which were earlier under 18 percent, have been brought down to 12 percent. But it will take some time because it has a big revenue implication", he said. All tax payers who have small tax liability or no liability will be able to file returns in just 2-3 steps. Threshold for composition scheme was hiked to 1.5 crore.
The council also sharply reduced the penalties on late filing. "A reduction in monthly household expenses will always be embraced".
The GST Council also made changes in return filing procedures to reduce the compliance burden for the small taxpayers. "Needless to say, this shall mitigate the hardships faced by the MSME sector in light of the multiple compliance requirements now imposed".