Thursday, 17 August 2017

FAQs on Rates inter alia explain 'Retail Sale Pricing', GST on Export Incentive Licenses

FAQs on GST Rates inter alia clarify that prefabricated buildings, including portable and mobile toilets, fall under heading 9406 and attract 18% GST, while battery for mobile handsets shall fall under heading 8506 and attract 28% GST; ‘Retail Sale Price’ (RSP) declared on the package of a commodity is inclusive of all taxes including GST, but GST will be payable on the transaction value; In respect of readymade garments, Govt. clarifies that ‘sale value’ of Rs. 1000 refers to transaction value, not RSP, and GST at 5% or 12% will apply accordingly; Export Incentive Licenses like MEIS and SEIS fall under heading 4907 and attract 12% GST; Sarees, Dhotis and Rakhis will be classified and taxed as per their constituent materials, states Govt. while clarifying the rates for various commodities like chocolate ‘sandesh’ Bengali misti, Isabgul, dried coconut, tobacco leaves, khari and hard butters, khoya / mawa, tamarind, cotton seed oil cake, wet dates and pet food : FAQs on Rates  

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CBDT issues second round of frequently asked questions in relation to Direct Tax Vivad Se Vishwas Scheme, 2024

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