24 May, 2017

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Supply Chain Units Of Big Firms To Be More Efficient Under GST:-

GST rate will make sugar slighty cheaper in two southern states, remove the tax advantage at tea auctions, and leave cooking oil price 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 effiecent.
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The GST council on Thursday fixed GST rate on sugar tea, coffee,and cooking oil at 5%, while exempting grains, cereals and milk. Responding to GST rates, company executives and merchants said more than GST bigger impacts would be shifted away from cash based by trade by small players and import duty in the case of commodities like edible oils.
 
Indian sugar mills associations welcomed GST rates, Andra Pradesh and Tamil Nadu currently put VAT on sugar. The taxtation will be 5.5% on sugar which will gives a huge impact on the consumers thought.
 
At present vat on teas is just 1% but those who sold privately they take VAT 5%, out of the country teas production is about 1,239 million kg nearly 45% was sold through auctions.



















22 May, 2017

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Exporters to get tax refund under GST within 7 days: -

Assured to the exporters that they would get their refund tax claims within seven days under the new goods and services tax (GST) regime. GST Council has been fairly seized of the tax refund issue under the new indirect tax regime, to be rolled out from July 1.

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“On the refund, we are very very clear that 90 per cent of the advanced payed money (by exporters in the GST regime) will be refunded within 6 to 10 days, post which an interest of about 6 per cent will be given for any delay by the government to exporters,”Exporters have been demanding ab-initio exemption from payment of taxes under the GST regime arguing that delay in refunds often takes months. GST will help in improving exports as inputs are going to cost lesser for manufacturing exporters, as it would result in improving the product competitiveness in the global markets.

 

Asked about exporters’ concern on rupee fluctuations? traders are fairly seized of this as “it is not a sudden fluctuation. Currency fluctuation has become a new normal”. “But, if there are extreme fluctuations, it is for the RBI to look at intervening just that much, so that, any extreme fluctuations are taken care of,”

 

On job creation,“its (proposal’s) implication on jobs, is something which the Prime Minister is very keen and we all are providing expected impact on direct and indirect employment of every such proposals which goes to the Cabinet”.

 

India’s exports grew by about 5 per cent to USD 276 billion in 2016-17. - SAID COMMERCE MINISTER,

20 May, 2017

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Common man item gets cheaper under GST :-

The goods and services (GST),which is set to be rolled out on 1 july, which is going affect household budget with finance minister decllaration with the point "will not be inflationary"and n some instance price are likely to be drop.

 

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A host of daily consumption item like fruits, vegetable, milk cereals have been exempted from tax while others like coffee, sugar, tea have been placed in lowest slab of 5%.

 

Luxury cars will attract 28% GST plus cess of 15%,while the petrol cars will face 28% GST plus cess 1%, and diesel cars 28% GST plus cess of 3%, consumers durable will face total tax about 32% now, and it will be 28%.

 

GST council had loud decision making body for the tax, look twisted steped ahead while finialising tax framework.

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GST EXEMPT ON CONSTRUCTION LABOUR UNDER PMAY

GST EXEMPT ON CONSTRUCTION LABOUR UNDER PMAY

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

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28% GST ON LUXURIOUS HOTELS

28% GST ON LUXURIOUS HOTELS

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

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5% GST ON RENTING OF CABS

5% GST ON RENTING OF CABS

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.


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12% GST ON SUPPLY OF FOOD RESTAURANTS ETC

12% GST ON SUPPLY OF FOOD RESTAURANTS ETC

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

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5% GST ON TOUR OPERATOR SERVICES

5% GST ON TOUR OPERATOR SERVICES

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

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5% GST ON JOB WORK FOR PRINTING PRESS

5% GST ON JOB WORK FOR PRINTING PRESS

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

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18% GST ON WORKS CONTRACT WITH INPUT TAX CREDIT ALLOWED

18% GST ON WORKS CONTRACT WITH INPUT TAX CREDIT ALLOWED

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.