The Council deferred a decision on bringing real estate under GST to its next meeting, for lack of time. It will be applicable from 15th of this month (November), Union Finance Minister Arun Jaitley said while briefing media persons after the two-day meeting here.The Council also decided that penalty for late filing for Wholesale tuft embroidery machines a Nil tax payer would now be at Rs 20 per day from the earlier Rs 200, and for others, it was cut to Rs 50 per day.West Bengal Finance Minister Amit Mitra earlier told reporters that the loss on account of a hasty and ill-designed GST had resulted in the exchequer losing around Rs 60,000 crore for the Centre and Rs 30,000 crore for the states in just the first three months. With the latest decisions, GST has been cut on a host of consumer items such as chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks, marble and cosmetics. The GST Council has decided to slash tax slabs of 178 items from 28 per cent to 18 per cent.
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