Tag: #GSTrate

Next step in GST recast: Lower end of tax slabs

The next rejig of goods and services tax will likely focus on the lower end of the rate slabs, as the country seeks to further streamline the structure by converging multiple rates into two or three. It will happen after the regime settles down and there is more clarity on revenue following the recast last week. Simplification of laws, rules and procedures in line with ...

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Insulin, cashews, pickles to get cheaper: GST Council reduces rates of 66 products

With two weeks to go for the goods and services tax (GST) roll-out, the GST Council on Sunday reduced the rates for 66 items and expanded the scope of the composition scheme for the benefit of small traders, manufacturers, and restaurateurs. The composition scheme is a presumptive taxation scheme allowing small traders, manufacturers and restaurants to pay a 1-5 per cent GST rate on sales ...

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GST rates fixed for 1,211 items; soaps, toothpaste, hair oil could get cheaper

India moved closer towards a country-wide Goods and Services Tax (GST) on Thursday with the GST Council fixing tax rates on of 1211 items, most of which will likely become cheaper as the new rates will be lower than the current effective levies. Revenue Secretary Hasmukh Adhia said in Srinagar that sugar, edible oil, normal tea and coffee (not instant tea or coffee) will attract ...

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The Goods & Services Tax (GST) Council has finalized a four-rate tax structure -5, 12, 18 and 28 percent

The Goods & Services Tax (GST) Council has finalized a four-rate tax structure -- 5, 12, 18 and 28 percent, Finance Minister Arun Jaitley today announced at a press conference. The FM said that the government has kept about 50 percent of products in the consumer basket, such as food grains, as "zero-rated". Jaitley further said that cost empowerment issue will be taken up tomorrow. ...

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Advanced Budget date: Absence of a GST rate may present estimation challenges

Absence of clear GST rate is a big hurdle for the financial officers for the early presentation of projections for next financial year....The taxation rate for GST, intended to be rolled out from April 1, 2017, is pivotal in the finalisation of the revamped Budget process for next financial year. http://indianexpress.com/article/business/budget/advanced-budget-date-absence-of-a-gst-rate-may-present-estimation-challenges-3076110/  

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