Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
October 18, Wednesday 2017 3:00 PM       

       HEADLINES: CPM prefers Modi to congress: Antony                                              Amit Shah to join 'Janaraksha Yatra' on its last day in Thiruvananthapuram                                              A V Unnikrishnan Namboodiri new Sabarimala melshanthi                                              Scooter rider dies after being run over by lorry                                              Gold worth Rs. 29 lakh seized at Nedumbassery                                              MLA’s house sealed over unpaid loan                                              Taj Mahal built by blood, sweat of Indian labourers: Yogi Adityanath                                              BJP is India's richest party, Congress ranks second, says report                                              Time for Ayurveda-led 'health revolution': Modi                                              Nuclear war may break out at any time: N Korea                                              Panama Papers journo Caruana Galizia killed by Malta car bomb                                              Suicide bombers, gunmen kill 47 in attacks on Afghan forces                                              China to speed up construction of power project in PoK                                              India unlikely to play any 'four-day' Tests in near future                                              It feels like home playing in India: Tim Weah                                              Kumble turns 47, cricket fraternity tweets heartfelt bday wishes                                              Kaumudi Facebook
       BUSINESS Next Article: 64 lakh old taxpayers have migrated to GST: GSTN Chairman  
       GST Council to continue rationalising rates: Shukla
 
         Posted on :22:36:12 Oct 7, 2017
   
A A
       Last edited on:22:36:12 Oct 7, 2017
         Tags: GST Council to continue rationalising rates:
 

NEW DELHI: The GST Council will continue to rationalise rates going forward and the highest tax slab of 28 per cent would be gradually brought down, Minister of State for Finance Shiv Pratap Shukla said.

The Goods and Services Tax (GST) has a four-tier structure of 5, 12, 18 and 28 per cent. While majority of common use items have been exempted from GST, 28 per cent tax is levied on luxury, demerit and 'sin goods'.

"The GST Council has already taken pro-active measures in rationalising GST rates in the recent past and the trend would continue in future wherever the taxation is deemed to be slightly on the higher side.

"The 28 per cent GST tax slab would fall as per genuine and legitimate aspirations of the people," Shukla was quoted as saying in a statement by PHD Chamber of Commerce and Industry.

He said all glitches and loopholes in implementation of GST will be removed within a year of its implementation. GST, which unified over a dozen local taxes, was rolled out from July 1.

"Industry should not measure the execution of GST in its first phase of three months since it is such a vast tax reform and the government should be given a minimum of year...for its perfect implementation," the minister said.

The GST Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, at its meeting yesterday lowered tax rates on 27 items.

Unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra will now attract 5 per cent GST lower from 12 per cent. Also, GST on man-made yarn used in textile sector has been reduced from 18 per cent to 12 per cent.

Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent.

Food packets given to school kids under ICDS will attract 5 per cent tax instead of 12 per cent.

Job works like zari, imitation, food items and printing items would attract 5 per cent tax instead of 12 per cent, while salwar suit in a three-piece set has been classified as fabric and 5 per cent GST would be levied on it.

A A
       BUSINESS
Next Article: 64 lakh old taxpayers have migrated to GST: GSTN Chairman
 
 
BUSINESS HEADLINES
Nifty hits fresh high; Sensex slips from record  
Sensex, Nifty retreats from record on profit booking  
Reliance Retail to be biggest threat to Amazon, Flipkart: Pai  
India undergoing 'exciting digital transformation: IMF  
Sensex hits new peak of 32,687.32; Nifty at 10,242.45 pts  
Digital India to contribute 30pct to India's GDP by 2025  
Bring real estate under GST: Sisodia writes to Jaitley  
IMF favors three structural reforms in India  
India must go for pollution-free methanol as fuel: Gadkari  
Indian Railways to start cheaper, faster Rajdhani between Delhi-Mumbai  
Help young entrepreneurs to set up startups: AP IT Minister Lokesh to officials  
Madhya Pradesh slashes VAT on petrol by 3%, diesel by 5%  
Sensex climbs 211 pts on positive economic data points  
RBI sets rupee reference rate at 65.1003 against US dollar  
Bringing real estate under GST will be a 'disaster': Congress  
Sensex soars 348 pts, all eyes on macro data  
Govt to discuss bringing real estate under GST in Nov: Jaitley  
Sensex moves up 113 pts, Nifty climbs above 10,000  
Direct tax collections for FY 2017-18 up by 15.8 per cent  
India seeks global investments in energy sector: Dharmendra Pradhan  
Sensex ends with losses, fails to keep early lead  
Gujarat cuts VAT on petrol, diesel; Cong sees poll angle  
Sensex starts off high, Nifty regains 10k mark  
Revival of gas power plants to boost consumption: Pradhan  
MFs bet most on government securities: ASSOCHAM  
 
Did Janaraksha yatra create road traffic blocks in Thiruvananthapuram city?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy