Saturday, 20 May 2017

Centre releases GST Rate Schedule of 'Goods', Compensation Cess rates for different supplies

Centre releases GST Rate Schedule of Goods as well as GST Compensation Cess Rates for different supplies, pursuant to GST Council meeting today; “Rate Schedule” contains 98 chapters categorized into Nil, 5%, 12%, 18% and 28% tax slabs; Rate structure for following items yet to be decided - Biri wrapper leaves (Chapter 14), Biscuits (Chapter 19), Biris (Chapter 24), Textiles (Chapters 50 to 63), Footwear (Chapter 64), Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery, coin (Chapter 71), and Power driven Agricultural, horticultural, forestry, poultry keeping or bee-keeping machinery, Harvesting or threshing machinery, machines for cleaning, sorting or grading, machinery used in milling industry and parts thereof (8432, 8433, 8436 and 8437); “Compensation Cess Schedule” provides rates of Cess leviable on various products; Aerated waters, Lemonade to attract 12% Cess, Pan Masala – 60%, Coal – Rs. 400 per tonne, while Small Cars of sub 4 meter length will attract 1% and 3% for petrol < 1200 cc and diesel < 1500 cc respectively; Motorcycles with engine capacity more than 350 cc to attract 3% Cess, while 15% Cess shall apply to large cars, mid segment cars, SUVs; States that information will be subject to further vetting during which the list may undergo some changes

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