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
Subscribe to:
Post Comments (Atom)
Pre-GST taxes cannot be refunded if paid pursuant to an inquiry
This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
Is the Indian Finance Ministry's 2013 press release something the tax authorities have to follow? Sometimes, the Indian tax authorities ...
-
The GST department are issuing show cause notice to the taxpayers as the input credit available in GSTR-2A of the year is less than GS...
-
One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expend...
-
Introduction The law relating to companies is laid down in Companies Act, 2013 and the rules made thereunder and t...
-
We all are currently in the process of submitting Rectification Applications under Section 161 of GST Laws for errors that are evident fro...
-
1. In a significant move, the Central Board of Direct Taxes (CBDT) has released new guidelines aimed at ensuring the priority or out-of...
No comments:
Post a Comment