Essential Change

23rd GST Council meeting held at Guwahati introduced some major changes, which will come into effect from November 15. Earlier 228 items were there in the slab of 28 percent which have come down to 50, which is a very welcome change and will ultimately benefit the consumers. Items like guar meal, dried vegetabels such as sweet potatoes, unworked coconut shell will now be in the slab of 0 percent. Eating out is also going to be cheaper as all restaurants will be levied the GST at 5 percent, without Input Tax Credit (ITC) benefits. This move by the GST council will also help SMEs (Small and Medium Enterprises), which were facing a huge compliance burden under GST, as the Council has decided to increase the threshold for the composition scheme to an annual turnover of 1.5 crore.
Yours etc..
Abhijeet Ghumman
IIMC, Jammu


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