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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 ...

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

By the rates announced so far, it seems consumers can rest assured most items will become cheaper Latest news : The Goods and Services Tax (GST) rehime is set to be rolled out from July 1, more than 11 years after a formal process to introduce it began. The GST Council on Thursday fixed rates for 1,211 items. In the second half of the Council meet, on Friday, rates of services and products like beedi, cigarettes, tobacco, footwear, gold, textile, handloom, handicraft, agricultural equipment and biscuits, will be discussed. It appears from the first set of announced rates that consumers can rest assured most of the items will become cheaper (for now) as the new rates will be lower than the current effective levies. Mobiles phones, however, might get costlier, with the government imposing a 12% GST, taking away the benefit under duty differential that was being offered to local manufacturers. So, under the new GST rate, while imported phones will become cheaper, most l...

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)