Panaji, Sep 20 (TIWN) Friday proved to be a big day for India Inc. After a slew of tax concessions including reduction in corporate tax from 30 per cent to 22 per cent, the GST Council has lowered tax on a number of goods and services to spur demand.

The GST Council, headed by Union Finance Minister Nirmala Sitharaman and having representatives of all states, however, did not take a decision on cutting tax on automobiles as well as items like biscuits which had seen fall in sales on slowing consumption and demand.  Briefing reporters after the 37th meeting of the GST Council, Sitharaman said caffeinated beverages will be charged with 28 per cent tax plus a 12 per cent compensation cess in place of the current tax rate of 18 per cent.  This will bring them at par with the tax rate charged on aerated drinks. Also, aerated drink manufacturers have been excluded from the composition scheme and restrictions placed on refund of compensation cess on tobacco products.