The Goods and Services Tax (GST) Council last week slashed rates on over 200 items to provide relief to customers and businesses. As many as 178 items of daily use were shifted from the top tax bracket of 28% to 18%. Only 50 items now remain in the highest tax slab of 28% under GST.
The Council also rationalised the rate structure on a number of other goods and services like restaurants industry. All restaurants to now levy a universal rate of 5%, without input tax credit benefits. All these tax concessions come into effect from Wednesday, November 15.
Let’s take a quick look at the goods that will see a lower tax rate:
(Image Credits: Getty Images)
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