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Saturday, May 20, 2017

GST RATES FOR 1,217 ITEMS ANNOUNCED DOWNLOAD FREE


By on Saturday, May 20, 2017


GST RATES FOR 1,217 ITEMS ANNOUNCED DOWNLOAD FREE


SEVEN (7) GST Rules

1. Composition;

2. Input Tax Credit;

3. Valuation;

4. Registration;

5. Invoice;

6. Payment of Tax; and
7. Refund

 while legal committee is looking at remaining two (Return & Transition) Rules.

·                      Tariffs for about 1211 items was finalised, 6 items
·                      81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
·                      Common man items have gone into 12% & 18% slab. 
·                      Indians sweets or mithai will fall under 5% slab.
·                      Coal to be taxed at 5% against 11.69% currently.
·                      All raw food items, including food grains to be exempt.
·                      Processed food of daily needs to be in the 5% slab. 
·                      Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
·                      Tooth paste, hair oil will be taxed at 18% against 28% currently. 
·                      In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%

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