Congress vindicated by GST rates cuts: P. Chidambaram

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The "panic-stricken" Modi government will be forced to heed the advice of the Opposition and experts due to the Gujarat Assembly elections next month, he said in tweets. The objective of the optional composition scheme is to bring simplicity and reduce the compliance cost for the small businesses.

He added that the impact of these changes would be positively felt in the next few months.

Guwahati: The GST Council has made a decision to keep only 50 items, mostly demerit, sin and luxury goods, in the highest 28 per cent tax bracket, Bihar Deputy Chief Minister Sushil Kumar Modi informed.

The GST Council headed by Union Finance Minister Arun Jaitley is meeting in Assam's capital Guwahati today to review the rates under the national sales tax.

"Breather for compliances will provide the much needed settling in period to taxpayers".

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"Luxury goods like washing machines and air conditioners have been retained at 28 percent", Modi said.

"This is a disappointment for the entire industry as cement is integral to the government's key schemes such as "Housing for All", "Swachch Bharat" and building of other infrastructure projects that are fundamental for building an India for the future", Chouksey said.

Some of the products that are now out of the 28 per cent tax group are shampoo, chocolates, beauty products, furniture, sanitaryware and construction items such as marble and granite, media reported.

"It's an important observation that goods like cements and paints can not be considered as luxury items, therefore the Council should relook into it". So if you go to a restaurant expecting that the bill would be around 500 per person, at the end with the service charges and taxes it would come to be around 700 per person", she said.The Delhi Hotel and Restaurant Owner's Association president, Sandeep Khandelwal, welcomed the lower tax rates and said this would incentivise people to pay taxes."People will not try to cheat on taxes now. GST was being charged on existing rates.

The GST Council met for the 23rd time, where it approved the highest number of tax cuts ever since Goods and Services Tax (GST) was rolled out on July 1 earlier this year.

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