GST rates slashed on several products

22 Juillet, 2018, 03:41 | Auteur: Auguste Feret
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Sanitary napkins are taxed at 12 per cent under the one-year old GST regime, which attracted serious criticism from various quarters. The items which could be considered for cutting of tax rates might include sanitary napkins, handicrafts and handloom goods.

It also eased the burden for hotels, the textiles sector and small businesses at a marathon nine-hour meeting.

Fortified milk, which is milk with added vitamins and nutritional supplement, has also been exempted from GST like normal milk, he further added.

Mr Goyal said, GST council has cleared 46 amendments which will be passed in Parliament.

"The broad level reductions in rates could lead to lower tax collections", said M S Mani, partner at consulting firm Deloitte India.

The new rates will come into effect from July 27. "This is a major step towards rationalising the 28% tax slab which has been narrowed down to only a few commodities in the past 13 months", Union minister Arun Jaitley tweeted.

► GST on imported urea reduced to 5%.

The council reduced the tax levied on bamboo flooring to 12 per cent in a bid to promote bamboo cultivation.

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The value limit of footwear was enhanced from Rs 500 to Rs 1,000 for 5 per cent rate.?

"The GST Council cuts tax rates on an array of products".

The taxpayers who filed Part A of FORM GST REG-26, but not Part B of the said FORM are requested to approach the jurisdictional Central Tax/State Tax nodal officers with the necessary details on or before 31 August, 2018.

Interim finance minister Piyush Goyal said although the revenue foregone would be marginal, it is expected that the decisions would generate more business and employment, benefitting the country in the long term. Mungantiwar announced the exemptions after the GST Council meet.

Tax filers with an annual turnover of less than ₹5 crore a year need to file returns on a quarterly basis while paying tax on a monthly basis.

"It will take some time to be implemented". The council also simplified the return filing process for small businesses.

The finance minister also said the GST Council has chose to focus on issues concerning the broader economy such as job creation rather than only on revenue targeting. A report has been submitted in this regard but no decision has been taken on sugar cess yet.


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