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Highlights of GST Council 16th Meeting
June 15, 2017
This Sunday, on its 16th meeting the GST council decided to lower the tax burden for the industry stakeholders, low-income consumers, small traders, and producers. While these changes were made to give in to the demands of the upset consumers and traders, the reduced average tax could have a negative effect on the government revenue.
The GST Council has reduced the tax rates for about 66 items that include printers, school bags, etc. It has also expanded the scope of the GST composition scheme, as per which businesses with annual turnover up to Rs. 75 lakh are eligible for the scheme in comparison to the earlier Rs. 50 lakh limit. Lastly, the service tax on job workers in labour-intensive industries has also been reduced to 5% from the earlier 18%.
