GST rates of 26 items reduced to 5%, says FM Jaitley

GST rates of 26 items reduced to 5%, says FM Jaitley

GST rates of 26 items reduced to 5%, says FM Jaitley

Reports say that On Friday the GST council may also consider reopening the registration for composition scheme for the third time.

He congratulated Finance Minister Arun Jaitley and his team for engaging with various stakeholders for "extensive feedback which led to today's recommendations" on GST (Goods and Services Tax).

The e-wallet option will be launched by 1st April, Jaitley added.

Also reacting to the development, MS Mani, Tax Expert at Deloitte India. said that compliance has been made easier and there was hope that the facility of filing quarterly returns should have been extended to Rs 5 crore from Rs 1.5 crore provided by the GST Council.

Taking into account the fact that exporters' credit was facing blockage that affected their liquidity, the Council declared the roll out of these e-wallets by April 2018.

Unbranded ayurvedic medicines will now attract 5% GST.

"So far, over 15 lakh out of the 90 lakh registered businesses have opted for the composition scheme", he added.

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- Plastic and rubber waste down from 18% to 5%. Similarly, tax on paper waste was also reduced from 12 percent to 5 percent. For the GST tax rate of 12 per cent, it is split at 6 per cent Central GST (which goes to the Centre's kitty) and 6 per cent State GST (which goes to the state's kitty).

Different qualities of yarn whose duty has been reduced from 18% to 12% are: Synthetic filament yarns such as nylon, polyester and acrylic, all artificial filament yarn such as viscose rayon, Cuprammonium, Sewing thread of manmade staple fibres, yarn of manmade staple fibres and sewing thread of manmade filaments.

The exporters can export with a nominal GST rate of 0.1 per cent till 31 March 2018. The GST on cab lease services may get cheaper to 18 per cent from 28 per cent.

"Government jobs involving high element of labour have been changed from 18 per cent to 12 per cent".

Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.

Finance minister Arun Jaitley (right) and revenue secretary Hasmukh Adhia during the GST Council meeting on Friday. Ajay Sahai, head of the Federation of Indian Export Organisation, told the news agency that he expected the government to allow its 25,000 small and medium-sized members to file tax returns quarterly. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply.

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