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Monday, 5 June 2017

Final Rates for GST Declared by GST Council

The Goods and Services Tax (GST) Council, at its fourteenth meeting on 18th May 2017 held in Srinagar, has approved the rate structure on majority of the goods and services. The Government classified 1211 items under 98 categories of goods in various tax slabs i.e. 5%, 12%, 18% and 28% and has kept a large number of items under 18% tax slab.
Please click here at links given below for complete GST rate schedule
GST Council also cleared draft Rules on Registration, Invoice, Payment, Refund, Input Tax Credit, Valuation and Composition. Rules for Transition and Returns have been forwarded to the Law Commission for validation.
As GST is set to be launched on 1st July 2017, it is important to understand who are required to get enrolled / registered before the appointed date i.e. the day when law comes into force.
Here are the rates decided by the GST Council on 3rd June, 2017:
1.    Packaged food items sold under registered trademarks will be taxed at 5 per cent.
2.    Footwear below Rs 500 to be taxed at 5 per cent, over Rs 500 at 18 per cent.
3.    Zero tax for silk, jute
4.    Apparel below Rs 1,000 to be taxed at 5 per cent, over Rs 1,000 to be taxed at 12 per cent
5.    Gold to be taxed at 3 per cent and biscuits at 18 per cent, says PTI quoting sources.
6.    Cotton and natural fiber will be taxed at 5 per cent and man-made at 18 per cent.
7.    Solar panels will be taxed at 5 per cent under GST.
8.    Bidis will be taxed at 28 per cent under GST and will not attract any cess, Tendu leaves at 18 per cent. 
For further enquires on GST, please contact us at: info@preethamandco.com

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