GST Tariff as finalised on 18th May, 2017

GST Tariff as finalised on 18th May, 2017

Decisions at GST Council Meeting yesterday on Tariffs

1) Tariffs for 1211 items has been finalised. Focused mainly on fitment of goods under slabs, discussed and approved
2) 7 GST Rules are approved, with Rules relating to Return and Transition in review.
3) 81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
4) Common man items have gone into 12% & 18% slab.
5) Indians sweets or mithai will fall under 5% slab.
6) Coal to be taxed at 5% against 11.69% currently.
7) All raw food items, including food grains to be exempt.
8) Processed food of daily needs to be in the 5% slab.
9) Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
10) Tooth paste, hair oil will be taxed at 18% against 28% currently.
11) In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%

Note: GST Council will discuss the rate slab for important goods like gold, beedi, etc & Services tax rates, Today.

 

Tariffs as approved on 18th May, 2017

Cess Rates as approved on 18th May, 2017

GST Data Compilation

GST Data Compilation

52 days to go for GST Implementation date viz. 01st July, 2017. – Excel for GST Compliance.

 

By 10th of next month, details relating to the sales are to be uploaded on the GSTN (GST Network) every month.

A error in uploading the details of the customer, will result into no Tax credit to the customer. Due care is required at the supplier’s end for passing on correct tax credit.

A continuous error on one’s part, will result into lower GST Compliance Rating, which will impact overall image and branding of a business.

To ease out, we have prepared a excel sheet which would be helpful in keeping and tracking the details of the customers.

GST Questionnaire

Goods and Services Tax Updates

Goods and Services Tax Updates

Goods and Services Tax is now on expected to be implemented from 1st July, 2017 in India after more than a decade of formal process initiation.

FM P Chidambaram mooted the GST Bill in the Budget Speech of 2006-07.

FM Arun Jaitley Introduced Constitution Amendment Bill for GST in Lok Shabha in December, 2014.

With passage of 122nd Constitution Amendment Bill for GST in August, 2016; way had been paved for GST Implementation; and with inclusion of clause of maximum time limit of 1 year, it is required that GST gets implemented before 16th September, 2017.

On  29th March, 2017 – Lok Shabha takes up the GST bills for discussion and are finalised by Lok Shabha after more than 13 meetings of GST Council, which faced many hiccups in getting unanimous approval of all members of GST council (All state finance ministers and Finance Minister of India).

 

GST is expected to come with four-tier rate structure of 5%, 12%, 18% & 28%.

Classification of Goods and Services into each tier of rate will be finalised by GST Council in their meeting to be held on 18-19 May, 2017.