The Goods and Services Tax (GST) Council gave relief to consumers and industry on Friday and decided to reduce rates for 178 items — mainly mass consumption products — to 18 per cent from the earlier 28 per cent. Though restaurants in starred hotels with room rent above Rs 7,500 will continue to attract GST of 18 per cent with ITC benefit. GST has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. But the GST Council has further pruned 12 more items," Bihar Deputy Chief Minister Sushil Kumar Modi said. The decision taken by the GST Council will have a revenue implication of Rs 20,000 crore annually, according to estimates.

Source: dna November 11, 2017 01:07 UTC