Restaurant industry won't mind paying 11-12% GST to get input tax credit benefits

After bringing the tax rate down to 5%, the goods and services tax (GST) council removed the benefits of input tax credit (ITC) for players in the restaurant and food service industry. This is very distinct for the restaurant operators who cannot avail of any ITC benefits on their expenses like raw material purchase from vendors, rents paid for the lease of space, other fixed costs, services and c…