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GST GoM proposes major changes: Here’s how it will impact you

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It has been almost three months since the rollout of Goods and Services Tax (GST) — the political bickering continues and the GST Council is still making changes to ease the transition pain. Sources tell CNBC-TV18, that the group of ministers (GoM) have suggested big changes to the new tax regime.

The first recommendation being a single rate of 1 percent for composition scheme which brings rate for manufacturers from 2 to 1 percent. Second, a 12 percent rate for all standalone restaurants with input tax credit; in fact, 12 percent tax rate is being proposed for all standalone restaurants irrespective of AC and non-AC.

In an interview to CNBC-TV18, Haseeb Drabu, Finance Minister of Jammu & Kashmir, along with the best tax experts in the country — MS Mani, Partner at Deloitte, Pratik Jain, Partner at PwC, Rohan Shah, a Tax Expert, Dinesh Kanabar, CEO at Dhruva Advisors, and Riyaaz Amlani, President of National Restaurant Association of India, discussed on how will the new changes proposed to the tax regime impact your wallet.

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