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GST Rates slashed on 30 Items
By: Tupaki Desk | 10 Sep 2017 6:03 AM GMT
Key decisions were taken during the GST Council held in Hyderabad Yesterday. GST Rates on as many as 30 daily used items have been reduced. This include Idly Batter, Raincoats, Rubber Band, Curd Powder, Dried Tamarind, Custard Powder, Oil Cakes, Computer Monitors among Others.
Compensatory Cess willn't be levied on Petrol Cars (1200 cc), Diesel Cars (1500 cc), 13-Seater Vehicles and Hybrid Cars.
2 Percent Additional Cess has been imposed on Mid-Sized Cars, 5 Percent on Large Cars & 7 Percent on SUVs. Inspite of additional cess, Large Cars & SUVs gonna cost less as their tax incidence had been down by 8 percent & 11 percent respectively.
Loophopes such as Manufacturers selling branded food items as unbranded ones to skip 5 percent GST has been addressed.
Over 70 percent of eligible taxpayers have filed GST Returns so far & Centre received a revenue of around Rs 95,000 crore so far.
Deadline for filing GST Returns has been extended till October 10th.
Compensatory Cess willn't be levied on Petrol Cars (1200 cc), Diesel Cars (1500 cc), 13-Seater Vehicles and Hybrid Cars.
2 Percent Additional Cess has been imposed on Mid-Sized Cars, 5 Percent on Large Cars & 7 Percent on SUVs. Inspite of additional cess, Large Cars & SUVs gonna cost less as their tax incidence had been down by 8 percent & 11 percent respectively.
Loophopes such as Manufacturers selling branded food items as unbranded ones to skip 5 percent GST has been addressed.
Over 70 percent of eligible taxpayers have filed GST Returns so far & Centre received a revenue of around Rs 95,000 crore so far.
Deadline for filing GST Returns has been extended till October 10th.
