Eating Out At Restaurants Could Become Cheaper, GST Rate Under Review
A panel is reviewing the 18 per cent GST tax rate that you currently pay for eating out at AC restaurants. This was said on Friday by Finance Minister Arun Jaitley, who also heads the GST Council. Food served at restaurants attract tax at two rates under GST - 12 per cent and 18 per cent - depending on whether it is an AC restaurant or whether it serves alcohol.
Restaurants with partial or full air-conditioning or those serving liquor attract a GST rate of 18 per cent. Restaurants with no air-conditioning in any part thereof and not serving liquor fall in the 12 per cent tax bracket. The GST rates of 12 per cent and 18 per cent include both CGST (Central GST) and SGST (State GST). For the GST tax rate of 12 per cent, it is split at 6 per cent Central GST (which goes to the Centre's kitty) and 6 per cent State GST (which goes to the state's kitty). So happens for the 18 per cent GST rate, which was split at 9 per cent Central GST and 9 per cent State GST.
Under the current GST structure, items are slotted under tax rates of 5, 12, 18 and 28 per cent. An additional GST compensation cess is also levied on certain luxury products and demerit goods such as tobacco and pan masala. Certain essential goods are kept under nil or zero per cent GST rate for the benefit of masses.
Finance Minister Arun Jaitley also said that the rules for small businesses and exporters would be eased under the Goods and Services Tax (GST), a move that could provide relief to thousands of small firms.
Small businesses would be allowed to file tax returns once a quarter instead of monthly returns, Mr Jaitley said following the 22nd meeting of the GST Council.
GST, which was launched in July, is a landmark reform which turned India's 29 states into a single market for the first time.
Mr Jaitley said on Friday that the rules for small businesses and exporters would be eased under the GST, a move that could provide relief to thousands of small firms.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
