Snehal khanna Blog

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 ...

The GST Council is likely to cut the tax rate on electronic items such as washing machine, refrigerator and air conditioner, which are in the top 28 per cent slot, in the next round of rationalisation. Last week, the Council overhauled the new tax regime, reducing the 28 per cent tax levied on 178 items to 18 per cent or lesser. Most important of them all, the Council decided to slash the GST rate on AC and non-AC restaurants to 5 percent from the current 18 per cent slab. The new rates have been effective since November 15. According to The Times of India, a fresh round of rate cuts is likely as the GST Council, chaired by Finance Minister, hinted that only luxury or sin goods are going to stay in the top slot. The move will be a big relief for consumers who might have felt the pinch. While rejecting the idea of the single tax system, Arun Jaitley said, “Rationalisation process in the transition will always continue. So, wherever there is scope for improvement and procedural...

GST Rates Finder app is available on the Google Play store LATEST NEWS :     To end the confusion around the multiple tax slabs, Finance Minister Arun Jaitley on Friday launched an app called the Goods and Services Tax (GST) Rates Finder , along with Central Board of Excise and Customs (CBEC) officials. The app, available on the Android platform, is expected to assist users in finding accurate rates under the new tax regime. According to CBEC, the GST Rate Finder app will soon be available on the iOS platform as well. The app is available on the Google Play store and its description reads: 'A simple app to search through the various goods and services and their respective GST Rates and details. Search the entire list or respective categories of taxes for Goods and Services'. How does the GST Rate Finder app work? To find out the required tax rate: 1. Enter the name or chapter heading of the commodity or service in the search box provided 2...

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...

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...