Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Home Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles News Highlights
Extracts
Home List
← Previous Next →

APPROVAL OF GST RATES BY COUNCIL

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 10-11-2016 - The GST Council in its fourth sitting on 3-4 November, 2016 zeroed in at the GST rates with consensus amongst all the states and the centre. The tax rates have been set in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nts for any revenue loss to be compensated by the centre to the States, if such a situation arises. In fact, there will be seven rates of taxes as follows: 0% Exempted goods 5% Necessary / daily use goods 12% Standard rate I 18% Standard rate II 28% .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

known. Simply putting all services in 18% slab shall result in overall inflation impact as all services will become costly by three percent straight. It may be a good idea to have two baskets of tax rates for services. Certain essential services may .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the litigation. It is hoped that about 50 percent of the good in consumer price index basket and items of mass consumption shall be exempt or zero rated which will essentially include food grains. On the other end, top of bracket of 28% and of cours .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

o 12% and 18% tax which still will be lower than the existing tax impact (central excise plus service tax). The overall tax rate structure may lead to inflation as services shall become costlier unless the Government decides to put them in 12% bracke .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ompanies and particularly unorganized sector. Cross empowerment / dual control The GST Council could not arrive at any decision on dual control of Centre, as well as States over assessees (cross empowerment model) whereby both will use scrutiny and a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Forum
what is new what is new
  ↓     bird's eye view     ↓  


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version