GST Council slashes tax rates on 177 items from 28% to 18%
Since businesses with Rs20 lakh annual sales come under the GST, these small units were beset with a higher tax burden, which the GST Council has tried to correct. Photo: PTI
The Goods and Services Tax (GST)) Council on Friday slashed rates across the board, including for a range of daily items of consumption, relaxed penalties and tweaked rules to make it easier for businesses, especially small and medium enterprises, to comply.
The feel-good package from the council, which comes into effect from 15 November, is likely to boost consumer demand, reduce disquiet over compliance costs and also lend fresh momentum to the tax reform initiative.
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