 "Union Finance Minister Arun Jaitley (right) and Revenue Secretary Hasmukh Adhia during the 16th GST Council meeting at Vigyan Bhavan in New Delhi on Sunday")
The Goods and Services Tax (GST) Council on Sunday reduced rates for 66 items just two weeks ahead of the new tax regime's roll-out.
The Council also expanded the scope of the composition scheme for the benefit of small traders, manufacturers, and restaurateurs. The composition scheme is a presumptive taxation scheme allowing small traders, manufacturers, and restaurants to pay a one-five per cent GST rate on sales without tax credits. (Read the full notification here)
Among the 133 items whose rates were reviewed following industry representation, the GST rates for telecom services, marbles, granite, spectacles, among others,
