GST Council announces rate cuts, 5% for all restaurants; Extends GSTR-3B till March 2018

GST Council moves 178 items from 28% to 18% bracket while retaining Cess goods such as luxury, sin, whitegoods, auto aircrafts & yacht parts, cement and paints, at 28%; Moves 6 items from 18% to 5%, 8 items from 12% to 5% slab, and 6 items from 5% to ‘nil’ rate; FM Arun Jaitley announces 5% GST for all restaurants (irrespective of AC / non-AC) without Input Tax Credit, whereas 5 Star Hotels with room tariff above Rs. 7500 shall be taxed at 18%; Outdoor-catering will b...