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LATEST DEVELOPMENTS IN GST IMPLEMENTATION

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 10-6-2017 Last Replied Date:- 12-6-2017 - The GST Council meeting held on 3rd June, 2017 at New Delhi succeeded on completing the pending issues on the agenda which inter alia included fitment of rates on textiles, bidi's, biscuits, gold & jewellery etc. Also, it cleared the rules as well as reteriated the stand that GST be implemented from July 1, 2017. Though West Bengal asked for a postponement till September, at the en .....

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ear, though gold has been kept at single rate of 3 percent which is considered moderate. This, however become 6th GST rate, others being 0%, 5%, 12%, 18% and 28%. While cess will be levied on few demerit goods including tobacco products, bidis will be taxed @ 28% but without cess, unlike cigarettes. Highlights of 15th GSTC meeting GST rates finalized on remaining items Packaged food items @5% Bidis @28% (no cess) Tendu leaves @ 18% Gold / jewellery @ 3% Solar panels @ 5% Footwear @ 5% / costing .....

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out Committee for anti profiteering to be setup Next (16th) meeting of GSTC on 11 June, 2017 It was also decided to refined 50 percent of tax imposed on defense canteens. While deciding on hike in allowing input tax credit from 40% to 60% in case of closing stocks, it was agreed that those who do not have receipts of high value items of ₹ 25,000 or more would be allowed full refund if they are able to produce any evidence of procurement of such goods. Necessary guidelines are expected on .....

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