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Rate fitments on Day 1 of 14th GST Council Meeting

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 20-5-2017 Last Replied Date:- 22-5-2017 - Dear Professional Colleague, In Srinagar, the all-powerful GST Council headed by the Hon ble Finance Minister, Mr. Arun Jaitley met for the fourteenth time to finalise the nuts and bolts of the new GST tax framework. This meeting is paving the way for India to join select League of Nations with a GST rollout from July 1, 2017 as envisaged. With the conclusion of the day one of the 14th GST Council .....

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of goods, tax fitment of remaining 6 items & services will be taken up today: The GST Council has broadly approved the GST rates for 1205 items of goods out of 1211 items at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods, with essential items of daily use being kept in the lowest bracket of 5%. A decision on the tax rate for remaining 6 categories of items, including Gold, Bidis, Textile, Footwear, Agricultural implements and Packaged/Branded food items, along with tax fitment .....

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Rate Schedule for Goods is given as under for easy digests: Nil Rate (0%): No tax will be imposed on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi, Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom etc. 5% Rate: Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee (except instant coffee), tea, spices, pizza bread, rusk .....

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rnflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors etc. 28% Rate: Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighin .....

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nsation Cess to be levied on certain goods such as Pan Masala, Aerated water, Tobacco and Tobacco Product, Cigarettes, Motor Vehicles etc. GST Compensation Cess Rates for different supplies has been uploaded immediately after the GST Council s decision and however, it is also subject to further vetting during which the list may undergo some changes. A cess of 204% has been proposed for pan masala containing tobacco Gutkha , cigarettes not exceeding 65 mm will attract a cess of 5% plus ₹ 1, .....

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ersonal use and yachts and other vessels for pleasure or sports. Rate Schedule of GST Compensation Cess can be accessed at below link: http://www.cbec.gov.in/resources//htdocs-cbec/gst/gst-compensation-cess-rates-18.05.2017.pdf At press conference, the Hon ble Finance Minister, Mr. Arun Jaitley has said that Tax rate under GST will not go up for any of the commodities. There is no increase. On many commodities, there is a reduction particularly because the cascading effect of tax on tax is gone. .....

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