<h1>GST Council Recommends Rate Cuts, Simplified Compliance; Eateries Tax Reduced to 5%, Reverse Charge Suspended Until March 2018.</h1> The GST Council has recommended several changes to the Goods and Services Tax (GST) rates and policies following feedback from trade and industry. Key measures include raising the turnover threshold for the composition scheme, allowing quarterly returns for small taxpayers, and suspending the reverse charge mechanism until March 31, 2018. The GST rate for eateries has been reduced from 18% to 5% without Input Tax Credit (ITC). Late fees for delayed return filings have been reduced. These changes aim to simplify compliance, support economic activity, and are anticipated to result in a revenue loss of approximately Rs. 29,000 crore annually, potentially offset by increased economic activity.