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GST Rates to be lowered on 20 Items
By: Tupaki Desk | 8 Aug 2017 9:31 AM GMT
Goods & Services Tax Council had in principle agreed to lower the tax slab on almost 20 goods upon receiving various complaints.
In the 20th Meeting of GST Council, Decision to cut the tax rate for job work on Textiles Sector to 5 percent has been taken. After many protests from all over the Nation, Tax Rate on fabrics have been lowered to 5 percent from 18 percent.
In addition, Tractor Parts have been moved to 18 percent tax slab from 28 percent.
GST for work contracts of Central and State Governments is being reduced to 12 percent from 18 percent.
To handle Businesses which are deregistering their brands after GST rollout to avoid taxes, GST Council might consider May 15th this year as the cut off date for levying GST on branded items. While branded and packaged food items attract 5 percent tax, Unbranded food items are given GST exemption.
In the 20th Meeting of GST Council, Decision to cut the tax rate for job work on Textiles Sector to 5 percent has been taken. After many protests from all over the Nation, Tax Rate on fabrics have been lowered to 5 percent from 18 percent.
In addition, Tractor Parts have been moved to 18 percent tax slab from 28 percent.
GST for work contracts of Central and State Governments is being reduced to 12 percent from 18 percent.
To handle Businesses which are deregistering their brands after GST rollout to avoid taxes, GST Council might consider May 15th this year as the cut off date for levying GST on branded items. While branded and packaged food items attract 5 percent tax, Unbranded food items are given GST exemption.
