On 23rd meeting of GST council Finance minister Arun Jaitley announced some major changes in tax rates which provide some relief to tax payers.
GST council also reduced GST tax rates for service sector (Restaurant, Handicraft & Aviation) to simplify taxation process and promote ease of doing business.
Relaxation for Service Providers:
Service providers within Rs.20 Lakh turnover are free from GST registration. This is also applicable on those who provide inter-state services and through any e-commerce portal.
There is no good news from this 23rd meeting for restaurants. Restaurants can’t avail any input tax credit with remaining tax rate of 5%.
Services export to Nepal and Bhutan are exempt from GST charges also they can avail input tax credit facility. Continue reading “Major changes announced on 23rd GST council meeting”