Eating out is set to become cheaper with the GST council in - principle agreeing to reduce the GST rate from the current 18 percent to 12 percent. Finance Minister Arun Jaitley announces that a group of ministers will re - look tax on AC restaurants.
The goods which saw a decline in GST rates include sliced dried mangoes (5%), khakra and plain chapati (5%), ICDS food packets (5%), unbranded namkeen (5%), unbranded ayurvedic medicines (5%), etc. Jaitley said small businesses would be allowed to file tax returns once a quarter instead of monthly returns. The compliance burden of SMEs in GST has been cut.
GST rate on some stationery items, diesel engine parts also reduced to 18 percent from the earlier 28 percent. GST of gas stove and consumer articles has been cut from the current 28 percent. In addition, the GST council mentioned that permanent account number (PAN) or Aadhaar would not be mandatory if jewellery is purchased above Rs 50, 000.