GST Ready India

GST Ready India’s Latest News and Updates

GST rates finalised: A complete guide on products getting cheaper or expensive from July 1

May 19, 2017

A quick guide to India GST rates in 2017

The GST Council, the apex decision-making body for the new tax, has fixed the tax framework under the Goods and Services Tax (GST) which is to be rolled out this July 1. Tax rates have been finalised for 1,211 items with a majority of items being kept under the 18 per cent slab.

Here’s a complete list of GST rate card.

Nil rate (0%):

No tax will be imposed on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom etc. Click to read more

GST rules in place, first list of goods and rates is out

AIMING TO keep most items, especially those of mass consumption, at affordable prices, the states and the Centre evolved a consensus on the first day of the 14th Goods and Services Tax (GST) Council meeting on Thursday to keep 81 per cent of a total of 1,211 items at the modal tax rate of 18 per cent or below.

The Council also gave final approval to seven rules pertaining to registration, payment, refund, invoice debit, credit note, input tax credit, valuation, and composition scheme — essential prerequisites for the industry to gear up for the transition to GST. Two rules on transition provisions and returns have been sent for legal vetting. Click to read more

GST council sets rates that may lower prices of most products

Setting the stage for rollout of goods and services tax (GST) from July, the Centre and states on Thursday decided on rates for specific products which may lead to lower prices for a majority of products of mass consumption.

The idea is to ensure that the impact of GST is not inflationary. Rates on 1,211 items were finalised by the GST council with 81% facing a levy of up to 18%. “There is no increase (in burden) on any commodity. Click to read more

JK competent to bring its own GST law: Jaitley

Union Finance Minister Arun Jaitley on Thursday said J&K was fully competent to bring its own law on Goods and Services Tax under the state’s existing constitutional position.

To a question whether Government of India was on board over state government’s plans to come up with its own GST law, Jaitley said the J&K Government was fully competent to bring its own legislation due to constitutional position of the state. Click to read more

Chocolates, Chewing Gum to Feel GST Bite; Soaps, Toothpaste to be Cheaper

The Goods and Services Tax (GST) Council on Thursday decided the tax rates for 1,211 items, a majority kept at 18 percent, though the rates on gold and beedi remained undecided.

The products which are used on a daily basis such as foodgrains, hair oil, soaps and toothpaste as also electricity will cost less from July 1 when the GST is scheduled to be rolled out. Click to read more

GST: Most mobile phones to get costlier unless govt restores local manufacturing sops by July 1

Most mobile phones may get costlier with the government imposing a goods and services tax (GST) of 12%, taking away the benefit under duty differential that was being offered to local manufacturers.

Experts said government will have to come up with incentives by July 1 to ensure that Make in India remains an attractive proposition for contract manufacturers like Foxconn.

So, under the new GST rate, while imported phones will become cheaper, most of the locally manufactured phones will get costlier. Click to read more

GST: 11 years, three governments, three FMs

The GST Council will likely approve the tax rates on services and all categories of goods by evening today.

GST promises to stitch together a common national market by replacing a string of central and local levies such as excise, value added tax, octroi, service tax.

The government plans to introduce GST from July 1, 2017, more than 11 years after a formal process to introduce it began.

Here’s a look back at how GST, independent India’s biggest reform initiative, has reached the final leg: Click to read more

Supply chain units of big firms to be more efficient under GST

GST rates will make sugar slightly cheaper in two southern states, remove the tax advantage at tea auctions, and leave cooking oil prices unchanged.

But perhaps the bigger impact of the new tax regime on commodities space would be that small players who trade in cash will have to get into the system, which will make the supply chain of big firms more efficient.

The GST Council on Thursday fixed GST rate on sugar, tea, coffee and cooking oils at 5%, while exempting grains, cereals and milk. Click to read more

GST rates finalised: A complete guide on products getting cheaper or expensive from July 1

Key Highlights

Majority of items decided by GST Council have been brought under 18% tax slab.

Food grains, milk products, eggs, paneer among others have been kept out of GST ambit.

It will be cheaper to rent hotel rooms and dining out at restaurants after GST.

Goods and Services Tax (GST) is set to be rolled out from July 1, 2017 and the GST Council, in its meet in Srinagar on May 18, 2017, decided on tax rates for 1,211 items.

Majority of the items have been brought under the 18% tax slabs.

Zeebiz found that 43% of the 1211 items have been put in 18% GST slab which are bound to make things cheaper. Click to read more

How to make your business GST- compliant

Perhaps the most important aspect of the Goods and Services Tax is being compliant. Not being compliant can be a heavy cost for a business. It is time to embrace technology for this to happen seamlessly.

The countdown to GST implementation has already begun. Once GST registration has been secured, the next big worry is compliance with GST law and rules. The GST has rules laid down for the way we maintain records, how we raise invoices and how we report our purchases and sales, and ultimately, the way we pay our taxes and file returns. Click to read more

New GST rules provide clarity on 3 issues

On Thursday, the GST Council approved all eight rules, clearing the ground for the rollout of the goods and services tax (GST). A preliminary reading of these rules reveals three significant changes.

First, the final rules have clarified on the valuation of goods between related parties. Under the new indirect tax regime, transactions between related parties, for example two companies belonging to the same group, will now be valued at 90 per cent of the market value. Click to read more

%d bloggers like this: