Goods & Services Tax (GST) Updates

[IBF]

Exchange offers likely to lose allure after GST implementation

According to the draft rules on valuation released by the government, GST will be applicable on the price of the item, without taking into account the reduction in price on account of the exchange. At present, value-added tax (VAT) is payable only on the cash amount paid.

slowly and slowly, more things would come up that should showcase how good this is for the consumers in this country!

 

[Sushubh]

GST Bill: What will cost more and what will be cheaper for you due to GST? Here's the list - The Economic Times

 

[Sushubh]

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[Sushubh]

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Centre declines details of GSTN

 

[Sushubh]

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[Sushubh]

Confusion reigns on CAG audit of GST data

 

[Sushubh]

Businessman or professional? You may need to fill 37 forms to be GST-compliant - Hindustan Times | DailyHunt

 

[Sushubh]

GST bill passed in Haryana Assembly

 

[Sushubh]

Is GSTN - a state ? - PGurus

 

[Sushubh]

GST rates: Aerated drinks to attract 40% tax, industry body upset

GST rate: A quick guide to India GST rates in 2017 - The Economic Times

No tax
Goods
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.

Services
Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST.

5%
Goods
Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 %,

Services
Transport services (Railways, air transport), small restraurants will be under the 5% category because their main input is petroleum, which is outside GST ambit.

12%
Goods
Frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cellphones will be under 12 % tax slab.

Services
N on-AC hotels, business class air ticket, fertilisers, Work Contracts will fall under 12 per cent GST tax slab

18%
Goods
Most items are under this tax slab which include flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.

Services
AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST.

28%
Goods
Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, will attract 28 % tax - the highest under GST system.

Services
5-star hotels, race club betting, cinema will attract tax 28 per cent tax slab under GST

 

[IBF]

GST: Pan masala gutkha to attract 204% cess, SUVs 15% - The Economic Times

so they are already making a mockery of the uniform rates. kisi cheez ka tax badana hai? cess laga do!

Get ready to pay a 204 per cent cess on pan masala gutkha while consumers of aerated water will pay just 12 per cent cess and people buying large cars have to cough up 15 per cent cess from July 1.

While small petrol cars with engine less than 1200 cc will attract 1 per cent cess, that with a diesel engine of less than 1500 cc will attract 3 per cent cess, according to the list of items for cess posted on CBEC website late night.

Large cars with engine greater than 1500 cc and SUVs with length more than 4m and engine greater than 1500 cc will attract cess of 15 per cent.

Motorcycles with engine of more than 350 cc will attract 3 per cent cess and an equal amount of levy will be applying to aircrafts for personal use and yachts.

With regard to pan masala the cess will be 60 per cent, while in tobacco the levy will vary from 71-204 per cent.

Also scented Zarda and filter Khaini will attract 160 per cent cess, for pan masala gutkha it would be 204 per cent.

The cess would be levied over and above the peak GST rate of 28 per cent.

Filter and non-filter cigarettes not exceeding 65 mm will attract cess of 5 per cent plus Rs 1,591 per 1000 sticks.

Non-filter cigarettes exceeding 65 mm but not exceeding 70 mm will attract cess of 5 per cent plus Rs 2,876, that for filter cigarettes the levy is 5 per cent plus Rs 2,126 per thousand sticks.

For cigars, a hefty levy of 21 per cent or Rs 4,170 per 1000 sticks, whichever is higher, would be levied.

Branded gutkha will be slapped with a cess of 72 per cent, while smoking mixtures for pipes and cigarettes will attract a levy 290 per cent.

Besides, a clean energy cess will be levied on coal, lignite and peat production at the rate of Rs 400 per tonne.

 

[Sushubh]

Come GST, Which Services Will Burn A Bigger Hole In Your Pocket?

E-Commerce
Ordering clothes, shoes and accessories online will get marginally expensive as the Council announced a 1 percent rate on companies such as Flipkart and Amazon. Currently, online transaction are non-taxable.
BloombergQuint had earlier reported that the Centre and states would each levy a 0.5 percent tax on e-commerce services. Together it adds up to one percent.
According to BMR Associates’ Rajeev Dimri, this will add to the compliance burden of businesses. “The concept of tax collected at source (TCS) has been introduced with an intent to check tax evasion by etailers. However, the data shared by the e-commerce operators should in itself serve well for checking tax evasion on the outward supply by the etailers,” he said.

 

[Sushubh]

GST Will Cause ‘Significant Disruptions’ Through Added Compliance Burden, Says UR Bhat

 

[Sushubh]

GST is more bad news for the hotel and food services industries in what is turning out to be their horrible year

For the Indian hotel and restaurant industry, it's been worse -- the latest provocation being the GST slap on the face: 18 per cent for Hotels charging Rs 2,500 to Rs 5,000 a room night and 28 per cent for those pegged at the Rs 5,000-plus level (and the same rates will be applied to restaurants operating out these hotels).

Restaurants are not any better off: air-conditioned restaurants and those with liquor licences will be taxed at the rate of 18 per cent; those without air-conditioning will pay 12 per cent; and oddly, those with a turnover of less than Rs 50 lakh will get away with just 5 per cent. And with alcohol being kept out of the purview of GST, hotels and restaurants should be prepared for another jolt when the new order gets inaugurated on July 1.