The GST increase to 18 percent on ready-to-cook (RTC) and ready-to-eat (RTE) products is expected to impact both manufacturers and consumers.
An input tax credit is basically GST paid on input services or raw materials that can be set off against a certain kind of future tax liability.
India food service which is highly driven by the increasing interest of millennials in the sector.
Cutting GST and bringing taxes down will create lots of opportunities and open up newer doors for both, brands as well as consumers.
GST for country is a good reform. It is not only a tax reform but a business reform in which non compliant companies will lose the game.
Restaurants with a turnover of less than Rs 50 lakh will be levied a tax rate of 5 per cent
Food is now going to be charged at 5% which may come as an advantage in most states
FMCG industry which is one of the major contributors in overall GDP is going to be the topmost industry being benefited from GST.
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