TMI BlogGoods and Services Tax (GST) will lead to lower tax burden in several commodities including packaged cement, Medicaments, Smart phones, and medical devices, including surgical instrumentsX X X X Extracts X X X X X X X X Extracts X X X X ..... Goods and Services Tax (GST) will lead to lower tax burden in several commodities including packaged cement, Medicaments, Smart phones, and medical devices, including surgical instruments - Goods and Services Tax - GST Dated:- 23-5-2017 - News - The roll out of Goods and Services (GST) Tax will bring benefits to the consumers due to reduced tax rates on various commodities such as packaged ceme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt, medicaments, smart phones, and medical devices, etc. Packaged cement attracts central excise duty of 12.5% + ₹ 125 PMT and standard VAT rate of 14.5%. At these rates, the present total tax incidence works out to more than 29%. If we include tax incidence on account of CST, octroi, entry tax, etc., the present total tax incidence would work out to more than 31%. As against this, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proposed GST rate for cement is 28%. There will be lesser tax burden in case of Medicaments, including Ayurvedic, Unani, Siddha, Homeopathic or Bio-chemic systems also. Medicaments, in general, attract 6% central excise duty and 5% VAT. Further, CST, octroi, entry tax, etc. are also applicable in general. At these rates, the present total tax incidence works out to more than 13%. As agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t this, the proposed GST rate on medicines, including ayurvedic medicines, is 12%. Smart phone attracts 2% central excise duty [1% excise duty + 1% NCCD]. VAT rates vary from State to State from 5% to 15%. Weighted average VAT rate on smart phones works out to about 12%. Thus, the present total tax incidence on smart phones works out to more than 13.5%. As against this, the proposed GST rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for smart phones is 12%. Similarly, medical devices, including surgical instruments , in general attract 6% central excise duty and 5% VAT. Along with CST, octroi, entry tax, etc., the present total tax incidence on them works out to more than 13%. As against this, the proposed rate under GST is 12%. Puja samagri including havan samagri will be under the Nil category. However, exac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t formulation for the same is yet to be finalized. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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