Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
Mid-sized and large luxury cars as well SUVs will now cost more
For Rs 95,000-cr July revenue, Rs 60,000 cr claimed as input tax credit for period before July 1
Suggest setting up of GoM to identify and help address the issues within 2-3 months
GST cess on mid-segment cars has been increased by 2 per cent
GST, the four-tier tax structure of 5, 12, 18 and 28 percent came into force on July 1
Hyderabad, September 8Packaged food items sold under a brand name without a registered trademark may also face goods and services tax (GST) rate of 5 per cent. This is among the issues likely to be taken up at the GST Council meeting on Saturday. Other items on the agenda for the day-long meeting in Hyderabad include re-opening of composition scheme window, hike in cess on cars, correction of anomaly in rates of certain goods.Finance Minister Arun Jaitley is learnt to have assured representatives of branded food companies with registered trademarks that the government will rectify the anomaly in the Council meeting on Saturday. Widening the definition of 'brands' by the Council will end the exemption for a lot of packaged food players who have a logo and a brand name but have not applied for a trademark. The registered trademark players, especially rice companies, which face a 5% GST, have protested against the misuse of provision by certain companies, putting them at a disadvantage. .
GST council will also take up IT related issues in the GST network which has faced glitches
GST council announced anti-profiteering screening committees would be set up to give effect to NAPA
Rates for tractor parts, textile job work at 18% & 5%; date of e-way bill application to be out soon
July 1 rollout now certain; Council eases timeline for filing of returns for July and August