ICRA welcomes GST cut on restaurants

Delhi HC to Centre If sindoor can be exempted from GST why not sanitary napkins

Currently, 12 per cent GST on food bill is levied in non-AC restaurants and 18 per cent in air-conditioned ones.

While lowering the tax rate, Jaitley announced that the facility of input tax credit for restaurants was being withdrawn as they did not passed on the benefit to consumers. The prescribed uniform 5 per cent tax on all restaurants will come into force from today.

After the Goods and Services Tax (GST) Council, at its 10 November meeting in Guwahati removed 178 items from the highest 28 per cent tax slab, senior government officials have indicated that there will be no further rejigged in rates before March 2018. "Thus, withdrawal of input credit, apart from rendering the basic fundamentals / objectives of the GST model of indirect taxes, is anti-expansion and development and will not allow establishment to pass on any reductions to the customers", the association said.

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Menu costs - According to a report, restaurant owners have been thinking a price rise on their menu. Under info tax credit, organizations can assert a balance on the tax paid on contributions against the assessment paid to the administration. But, now the Council has done away with the tax credit on food items used as raw material. This is because of the high rent they have to pay at expensive locations, loss of input tax credit and competition from big eateries. "The very concept of Input Tax Credit (ITC) is central to GST which is to prevent cascading of taxes", Singh had said.

You won't have to consume an opening in your pocket so as to eat at favour AC restaurants. The tax 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.

Need to simply chill and order food at home? The revised rate will also be applicable on food delivery, whether it is made by the restaurant directly or via apps like Zomato or Swiggy. The Council also recommended that the eligibility threshold for the composition scheme be raised to '1.5 crore from '1 crore, and manufacturers, restaurants and traders under the scheme be levied a uniform 1 per cent tax from the earlier differential tax slabs. Asper the reports, the ICRA welcomed the decision of cut down of 5 percent GST on all the restaurants, Non-Ac and air-conditioned will be the positive outcome for the restaurant's price.

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