Major decisions taken at GST Council meeting held today:

1. Tax rate on cloth reduced to 5% from 12%.

2. Tax rate on 60 items reduced to 5% from 12%.

3. Restaurant Tax reduced to 12% from 18% GST.

4. Turnover for composition scheme raised from ₹75 Lakhs to₹ 1 crores.

5. E-way bill provisions deferred till April 2018.

6. Reverse charge to be abolished till 31.03.2018.

7. Quarterly returns for taxpayers with annual turnover less than ₹1.5 crores. Tax to be paid on monthly basis.