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The changes will be effective from January 25; 15 states to start intra-state e-way bill from February 1 BUDGET NEWS :  Two weeks ahead of Budget 2018 , the Goods and Services Tax (GST) Council on Thursday cut rates on 83 employment-oriented goods and services, in a bid to encourage greater compliance as revenues have dipped since the landmark reform was announced in July. The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting decided to reduce tax rate on 29 items and 54 categories of services with effect from January 25. Businesses have raised concerns about high rates of taxation and cumbersome processes in GST, billed as India's biggest tax reform in 70 years. The goods on which GST will be lowered include biofuel-run buses, used motor vehicles and diamonds and precious stones. Here's the complete list: List of goods on which GST rate recommended for reduction from 28% to 18% Old and used motor ...

If the consumer has to benefit on the pricing front, the rate cut will have to be tax efficient to restaurants: NRAI President LATEST NEWS :  The National Restaurant Association of India (NRAI) is likely to make a representation to the government over the next two days regarding the passing on of benefits of the lower goods and services tax (GST) rates to consumers. NRAI has the country’s top fast-food chains, among others, as its members. The government on November 10 had slashed the GST on AC and non-AC restaurants — excluding five-star hotels — to 5 per cent from the earlier 18 per cent and 12 per cent, respectively. But the input tax credit, a facility to set off tax paid on inputs with final tax, was withdrawn with the November 10 revision, prompting restaurant chains, including McDonald's to withhold passing the full benefit of the tax cut. Their argument was that the non-availability of input tax credit pushed up costs by 10-12 per cent, implying that ...

About three-fourth items in the highest tax slab may move to lower brackets LATEST NEWS  :  Those planning to buy new furniture or refit electric switches might have to pay less after Friday, as the GST (goods and services tax) Council is likely to slash the indirect tax rates on these items at its meeting in Guwahati. At present, these attract 28 per cent tax. As many as 165 such items could be moved to the 18 per cent category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, and marble and granite. Some common items might also have their rates slashed from 18 per cent to 12 per cent, as demanded by states such as West Bengal. At the Friday meeting, the Council will also have a presentation about the inclusion of real estate u...

LATEST NEWS  : The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said. Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail outward supplies of taxable goods and/or services, inward supplies for claiming input tax credit and monthly return. The review follows businesses complaining problems in matching invoices while filing July returns. "There will be a review of the norms to file GSTR-1, 2 and 3. Businesses have complained of trouble in invoice matching while filing GSTR-2. It would be reviewed whether matching of invoices would be pursued in the coming months," a senior government official told PTI. Under the Goods and Services Tax (GST) regime rolled out from July 1, the government has allowed businesses to file initial returns and pay taxes by filing up form GSTR-3B by th...

This could be the first instance of a GST Council official being arrested by the CBI LATEST NEWS :   A superintendent of the newly-established GST Council has been arrested by the CBI for allegedly receiving bribe through one of his close aides. Monish Malhotra, the superintendent, and Manas Patra, the alleged middleman, were arrested by the Central Bureau of Investigation (CBI) last evening, an official said. This could be the first instance of a GST Council official being arrested by the central investigating agency. It is alleged that Patra, a tax consultant, on the instruction of Malhotra, who was earlier posted in the Central Excise, had collected illegal gratification from a number of private parties in the past few days, which was to be delivered to Malhotra yesterday. READ THIS: First Rajan, now Panagariya: Decoding the link between the two exits

Bidi to be taxed at 28% without cess; all states on board for rollout of the tax regime from July 1 Latest news  : The Goods and Services Tax (GST) Council on Saturday cleared the pending rules for the rollout of the new indirect tax regime from July 1. The include transition provisions and returns. All states have agreed to the July 1 rollout timeline. "Transition rules have been cleared and everybody has agreed for July 1 roll out," Kerala Finance Minister Thomas Isaac told said. Finance Minister Arun Jaitley chaired the 15th meeting of the GST Council , where the rates of tax and cess on gold, biscuits, footwear and textiles were decided. Finance Minister Arun Jaitley explained the math of GST rate. Here are the highlights: * Packaged food items sold under registered trademarks to be taxed at 5 per cent. * GST on Agri machinery fixed at 5 per cent * GST on apparel below Rs 1,000 fixed at 5 per cent: Arun Jaitley * A nominal rate of 0.25 im...

Latest news :  Foodgrains will cost less from July 1 when the nation-wide Goods and Service Tax (GST) is rolled out as the GST Council today decided to exempt the daily-use commodities from the levy. Here's a complete list of the rates of all 1,211 items but six were finalised at the first day of the two-day meeting in Srinagar of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives. Also, here's a complete list of all the items that the GST Council has broadly approved as the rates of GST Compensation Cess to be levied on certain goods. Also read this: Accenture's $1.8-bn acquisition plan to act as lesson for IT firms in India

Foodgrains are slated to cost less from July 1 Foodgrains will cost less from July 1 when the nation-wide Goods and Service Tax (GST) is rolled out as the GST Council today decided to exempt the daily-use commodities from the levy. Here's a complete list of the rates of all 1,211 items but six were finalised at the first day of the two-day meeting in Srinagar of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives. Read this: Indian woman forced to marry Pakistani to be deported Also, here's a complete list of all the items that the GST Council has broadly approved as the rates of GST Compensation Cess to be levied on certain goods. (READ MORE)

Transport to be taxed at 5%; restaurants with turnover of Rs 50 lakh or below will face 5% tax Govt has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under a new sales tax which should be rolled out on July 1, Finance Minister Arun Jaitley said on Friday. The tax rates will be 5%, 12%, 18% and 28% - in line with those applying to goods. Jaitley added that health care and education would remain exempted under the landmark GST. Telecoms and financial services will be taxed at a standard rate of 18% while transport services will be taxed at 5%, Jaitley told reporters after a meeting of the GST Council in Srinagar. Read this: CPEC has 'very worrying aspects' for Pakistan, says writer Nadir Hasan The finance minister said that various categorisations were made under GST based on the nature of services. Transport services would be taxed at 5 per cent, he said, adding that restaurants with turnove...