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Corporate News *   Higher oil prices, GST may boost states revenue by Rs 37,400 crore in FY19  *   These taxpayers no more at mercy of GST intermediaries *  Budget 2018: No fiscal derailment, but a lot rides on GST; expect caution from RBI *  GST: E-way bill implementation deferred due to glitches *  Homebuyers must avoid traps on the name of NO GST Impact *   Govt will formulate a comprehensive gold policy to develop gold as an asset class *   Government to evolve to asign a unique id to every individual enterprise. *   1.48 lakh crore for rail budget. *   7148 Crore to be sanctioned to textile sector. *   3700 corore for SME industry *  16000 crore for free electricity connection *   Government ignored warnings over GST rollout: sources *  GSTR 3B questionaire introduced- To be filled before filing return *  Advisory mail  to all the taxpayers received from GSTN *   Advisory group on GST submits report, suggests changes *   GST lifted oil demand on higher vehicle sales, says report *   Moody’s gives thumbs up to GST, demonetisation  *   Pass on rate cut benefits immediately, companies tell traders *   Focus will now be on simplifying forms, IT processes under GST: Sushil Modi *  Tax rates lowered on consumer goods,only luxury goods taxed @ 28% *   Businesses can revise GST transition claim form now *  Multiplex owners in UP demand clarity on refund as tax exemptions go away after GST *   GST compliance: A case of much ado about nothing *  PM hints more relief for traders & businesses to ease GST compliance burden *  Infosys deploys more people in states to ease GSTN load *   Further reforms are needed for the GST to succeed *   GST impact! Massive stock clearance discounts on apparels, gadgets likely in December *  Kerala HC releases Detained Goods since State has No Power to make Rules to regulate Inter-State movement of Goods under GST *  Infosys is to blame for GST Network glitches, say government officials *   Publishers versus authors: Who will pay GST on royalty?
Subject News *   Finance Ministry Likely to Launch Annual GST Return Forms in Next Council Meet *   Taxpayers can now change email, mobile number under GST system. Here's how to do it  *  Rs 70-bn GST refunds of exporters cleared *  Gujarat tops e-way bill collection since April *  Tax authorities send notices to businesses for less IGST input credit claim *  Petrol, diesel rates: Reduction in oil duties best solution to check fuel price rise *  GST council to discuss about bringing natural Gas in GST *   GST Council is working towards rationalizing GST rates *  GST Council approves monthly return filing system to come into force in six months. *  No E-way Bill is required in West Bengal for Intrastate *  Rate notified on PSLC and REC   *  No Late Fee for Delayed filing of  GSTR-5A - Non Resident OIDAR Service Providers *  CBIC clears double taxation under GST kept in bonded warehouses *  Update on New Functionality on GST Portal : Tracking ARN for Exports  *   RBI policy: GST-hit small business get more time, money *   GST’s e-way bill set for a month-end rollout after tech glitches pushed it off-track on Feb 1 *  GST on Bitcoin-Crypto currency trade may get taxed 18% *  GST on Electric Car Batteries Could Come Down Drastically *   Companies are getting scrutiny notices for mismatch in GST returns *  GST Fraud by using Fake bills to claim Input Tax Credit worth Rs.450 crores *   GST on Fuel -Here's why fuel should be brought under GST: Price per litre will drop by Rs 22 in Delhi, Rs 32 in Mumbai *  GST Council Recommends 2% Concession In Tax Rates In Case Of Digital Payments *  GST Collections in April Cross Rs. 1 trillion mark *  GST council asks Centre, states to accelerate process of setting up appellate authorities *  GST on Sugar Cess? *  Nestle fails to pass on GST Rate Cut benefits  *   Don't charge GST from affordable housing buyers: Government to builders *  GST regime not user-friendly, says Bombay High Court *   Increase in  custom duty on mobile phones from 15% to 20%.  *   Custom duty on raw cashew imported shall be 2.5%  

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Foodgrains exempt, Cars in top 28% tax bracket

The Goods and Services Tax (GST) will be rolled out on July 1, 2017. The GST Council, headed by the Finance Minister of India, Mr Arun Jaitley, finalised the rates of all but six items in the tax brackets of 5, 12, 18 or 28 per cent. Items like cars, aerated drinks, ACs, refrigerators will fall in the 28 per cent tax bracket, whereas milk, curd, cereals, foodgrains are exempt from the GST. Daily-use items like tea, coffee, sugar as well as lifesaving drugs, mithai, coal will fall in the 5 per cent bracket and common use items like soaps, hair oil and toothpastes will fall in the 18 per cent bracket, down from 22-24 per cent. Out of the total 1,211 items, 7 per cent of the items are under the exempt list, 14 per cent fall in the 5 per cent tax bracket, 17 per cent in the 12 per cent tax slab, 43 per cent in the 18 per cent tax slab and 19 per cent in the highest tax slab of 28 per cent.

Source:( https://www.ibef.org)

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PRADEEP JAIN, F.C.A.

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Address :
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Phone No. :
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Mobile No. :
09314722236

Fax No. :0291 - 2439496


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Address:
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