In a move to shore up public spending and revive investor sentiment, the government cut down tax rates on 200 items, ranging from chocolates to wristwatches, in the biggest Goods and Services Tax (GST) revamp yet. The decision, meant to provide relief to consumers and businesses, was taken at the 23rd GST Council meeting in Guwahati, Assam, on Friday. As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air-conditioned and non-AC, Finance Minister Arun Jaitley said. Currently, 12 per cent GST is levied in non-AC restaurants and 18 per cent in air-conditioned ones. (Excerpt from Indian Express)
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