The all-powerful Council pruned the list of items attracting the top 28 percent tax rate to just 50 from 227 previously.
Up to November 15, when the decisions take effect, the GST system requires businesses to submit at least three forms to file their returns.
All these got input tax credit, a facility to set off tax paid on inputs with final tax.
"In efforts towards rationalising the GST structure, the Council has been revising rates from time to time". From the existing 18 per cent, the rates have been reduced to 5 per cent without input tax credit.
Luxury goods such as washing machines and air conditioners have been retained at 28 percent. All restaurants in the country to be levied GST of 5%, no ITC benefit to any restaurant.
In its 23 meeting which was held in Guwahati, the GST council said, "Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rs 1 crore under the law".
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"All taxpayers will continue to file GSTR 3B".
Major companies - Hindustan Unilever, Dabur, Amul, GlaxoSmithKline, Procter & Gamble, Nestle and Perfetti Van Melle - told the paper that either they will reduce the prices of the products now or they will do so after the next tax cut by the Council on the other consumer goods under 28 percent tax slab.
"The Council also decided that for this fiscal, only GSTR 1 will be filled and because we are running in a backlog - where we will file return for July only by December 11", he said.
Businesses with turnover of less than Rs 1.5 crore will have to file returns once in a quarter - for instance July-September returns can be filed by December-end.
Industry body Assocham said the decision of the GST Council would lead to a pick-up in consumer demand and significantly revive the business sentiment. "We will not allow BJP to impose a Gabbar Singh Tax on India". Friday's developments should hopefully be the start of making a fundamentally sound idea good in theory as well as practice.
"As typically, GST in relation to construction becomes a cost to most, non lowering of the significant tax costs of cement has disappointed the construction industry and customers as a whole", he said. When the rates were originally fixed by saddling previous taxes, the principal of equivalence had been applied.
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