In the 23rd GST Council meet, tax rate for all AC and non-AC restaurants was fixed at 5 per cent.
Restaurants in hotels that charge 7,500 rupees ($115) and above per night are subject to 18% GST with input tax credit, and those below the threshold are taxed 5% without ITC.
Eating out to become cheaper from Wednesday after the GST Council Meeting led by Finance Minister Arun Jaitley revised the rates of the new national tax on November 10.
"According to the Newspaper, The committees will ensure that the benefits of input tax credit or reduced GST are passed on to the consumers by way of commensurate reduction in prices", SuMo said after his weekly janata darbar.He said the state commercial taxes department has also been asked to conduct market survey about the rates/prices of various products before and after GST implementation. Last week, GST council has come over with another twist in GST rates.
While consumer goods companies are the primary beneficiaries of the rate revisions, small businesses across segments, restaurants and hotels also stand to benefit. Restaurants inside hotels will also levy 5 per cent GST, except in starred hotels where the tariff is Rs 7,500 or more.
So, only luxury and sins goods are now only in highest tax bracket and items of daily use are shifted to 18 per cent. As the GST on value of food bill has been brought down to five percent from the huge slab of 18 per cent, people can really step out and enjoy their meals at AC and Non-AC restaurants, without feeling the unnecessary pinch on their wallets.
The top tax rate is now restricted to luxury and demerit goods like pan masala, aerated water and beverages, cigars and cigarettes, tobacco products, cement, paints, perfumes, ACs, dish washing machine, washing machine, refrigerators, vacuum cleaners, cars and two-wheelers, aircraft and yacht.
With the latest decisions, GST has been cut on a host of consumer items such as chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks, marble and cosmetics. Rate on pasta, jute and cotton hand bags has been cut to 12 percent from 18 percent.
Rate on six items was reduced from 18 per cent to 5 per cent, on 8 items from 12 per cent to 5 per cent and on six items from 5 per cent to nil.
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