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GST Council finalises rates ; Here’s a list of products

GST Council finalises rates ; Here’s a list of products

Here’s a list of products that will become expensive and cheaper Small cars will be charged 1 percent cess on top of 28 percent tax Mid-sized and luxury cars will attract cess of 15 percent on top of the peak rate Aerated drinks have been put in the 28 percent bracket along with a cess of 12 percent Pizza bread, sevaiya, condensed milk, frozen vegetables will attract 5 percent levy GST on Coal has been brought down to 5 percent from the current tax incidence of 11.69 percent oil, soaps and toothpaste will be charged GST of 18 percent instead of present 22-24 ACs and refrigerators will fall in the 28 percent tax slab Life-saving drugs have been kept at 5 percent All capital goods and all industrial intermediaries would attract 18 percent tax instead of 28 percent. ‘Mithai’ or sweets will attract 5 percent levy. Sugar, tea, coffee (barring instant coffee) and edible oil will attract the lowest tax rate of 5 percent Frozen meat will attract a GST of 12 percent Ayurvedic or homeopathy medicines, agarbatti, umbrella, electric vehicles and mobile phone manufacturing will be taxed at 12 percent Pastries and cakes, pasta, ice cream and soups, instant food mixes, betel nut, vinegar and sharbat will attract 18 percent tax 28 percent tax will be levied on chewing gum, chocolates, custard powder and waffles containing...
GST Council summit: Major tax rate to be finalised today

GST Council summit: Major tax rate to be finalised today

New Delhi: The major three-day meeting of Goods & Services Tax (GST) Council will begin on Tuesday, where a decision is surely to be taken on tax rate. The GST Council is also likely to sort out issues like compensation formula for rollout of the fresh indirect tax regime from April 1, 2017. With the finance ministry setting 22nd Nov as the deadline for building agreement on all the issues in the Council, the upcoming meet is significant as it will decide on the most major aspect of tax rate that will have a bearing on the common man. The GST Council meeting will also deliberate on the difficult issue of the Centre retaining power to assess 11 lakh service tax filers under the new dispensation. While a decision to this effect was taken at the first meet of the GST Council, at least two states fluctuate on approving the minutes of the conference, saying they are not in favour of losing power of assessment of these assessees. The GST Council had confirmed area-based reliefs and how 11 states, mostly in the North-East and hilly regions, will be regarded under the new tax...
IMF: GST poised to boost India’s medium-term growth

IMF: GST poised to boost India’s medium-term growth

Washington: Insisting that India has shown that progress on reshape could “ignite” business investment, the IMF on Thursday said the adoption of goods & services tax is poised to boost the country’s medium-term growth. “Powerful reform of India push in 2016 is welcome and should continue rapidly. Adoption of the goods & services tax is poised to raise India’s medium-term growth,” the IMF said in its latest Asia Pacific regional economic update. Greater labour market flexibility & product market competition remain essential to create jobs and boost growth. Prime concerns also include effective enforcement of the fresh corporate debt restructuring mechanisms, it said. As shown by India, growth on reforms could ignite business investment (including already well FDI inflows), further boosting domestic demand, the IMF...
GST: Centre, states agree on timetable for 1st April, 2017 turn out

GST: Centre, states agree on timetable for 1st April, 2017 turn out

New Delhi: Moving close to turn out GST from April 1, Centre and states on Thursday agreed on a timetable for final on the tax rate & completion of legislative work but differences remained on the turnover limit for release from the new tax. The first conference of the newly composed GST Council saw states like Tamil Nadu & Uttar Pradesh demanding a larger say than one-state-one-vote principle that sets a smaller state on equal footing with a large manufacturing one. While their demand was overruled, consensus also avoided first day of the meet over the issue of exemption to dealers from the Goods & Services Tax (GST). While some states called traders with turnover of Rs 10 lakh or less be exempted, a large number, with Delhi, were in favour of the limit being fixed at Rs 25 lakh in a year. Including tax collected from traders being just 2 % of the total tax collection, majority view was in favour of a high exemption limit. The GST Council, which is command by Union Finance Minister Arun Jaitley & includes representatives of all the 29 states and 2 union territories, will pursue Friday. Today, starting from Sept 22, we forcefully have two months time till 22nd November to resolve all outstanding issues & so a draft timetable was given which also have been adopted, Jaitley...
To Ratify GST Special One-Day Session of Bihar Legislature plan Today

To Ratify GST Special One-Day Session of Bihar Legislature plan Today

New Delhi: A one-day special session of both the Houses of Bihar Legislature is scheduled Tuesday (August 16) for ratification of the Constitution Amendment Bill on to GST. The one-day session from the Bihar State Legislative Assembly was sign out by Speaker Vijay Kumar Chaudhary for ratification of GST Bill. The Bill has been supported by Bihar Chief Minister Nitish...
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