Page 176 - Gst

Bad news for power bikers: 31% GST on motorcycles with over 350 cc engine

This is same as that for private aircraft and luxury yachts; cess is kept at 3%

INFOGRAPHIC: A stock investor's guide to GST rates

The GST Council met in Srinagar on May 18 and 19 and decided rates for most goods and services

GST to help improve India's exports: Sitharaman

Total exports rebounded with a growth of 4.95% in 2016-17 despite a negative growth in services

GST: Food expenses likely to go up marginally

While essential items may remain unchanged or see a decline, packaged goods may see a rise in price

GST: Concept of luxury expands; paints, chocolates under 28%

Do chocolates, chewing gum, paints, leather jackets and everyday stationary items such as water colours count as luxury goods? The Goods and Services Tax (GST) Council says Yes, putting all these in the highest slab, of 28 per cent.Effectively, these and many more regular items such as butter, sauce, mustard flour, instant coffee, condiments, hair dyes, shampoos and shaving products will share space with the likes of yachts, jets and racehorses.Harsh Mariwala, chairman, Marico, maker of brands such as Parachute and Saffola, says products not seen as being essential in nature have been slapped with a higher tax under GST. "I am sure the GST Council would have looked at the merits of every product before clubbing under a certain bracket. Those that are not pressing in nature have been taxed at the highest level."Around 80 per cent of consumer goods, he says, have been kept in the 18 per cent and below slabs, indicating governments have been conscious not to burden the common citizen ...

GST Council fits close to 500 services under four slabs

The slabs are 5%, 12%, 18% & 28%; rates of bidis, gold, textile, footwear to be taken up June 3

GST: Luxury travellers to feel the pinch

GST would lead to an increase of 1.3% from current 3.7% in fares for air-conditioned class in trains

GST: Phone bills, insurance and banking to cost more

COAI feels an 18% rate under nationwide goods and service tax regime will further stress the sector

GST: Booking a Rs 5,000-plus hotel room? Be ready to pay more

The real good news is for small hotels with tariffs below Rs 1,000, which have been exempted

How to get GST-ready in 40 days

For companies who are already paying indirect taxes, it would be critical to decide on prices

Consumer durable firms, soft drink makers cry foul over GST rates

While staples and FMCG items are relieved, discretionary goods set to become costlier

GST: FMCG stocks rise on lower tax

Market participants said GST will provide much-needed impetus for FMCG firms

Sector-wise GST impact analysis

New regime kind on life savers, tough on sinners

GST unlikely to push up inflation

Lower rates lead to concerns over shortfall in government revenue, say economists

Inflation to see a dip under GST regime: Arvind Subramanian

It is going to be difficult to calculate the assessment of GST on GDP at the moment, says CEA

Lack of clarity on branded clothing makes retailers jittery about GST

No clarity on whether smaller players will be taxed at 18%, like multi-million dollar brands

Govt warns of anti-profiteering action after GST

Srinagar, 19 MayCompanies face the risk of government action if they raise prices in anticipation of the change in rates under the goods and services tax (GST) regime to be implemented from July 1, says Union revenue secretary Hasmukh Adhia.Any benefit of lower rates from GST, on account of input tax refunds, must be passed on, he underlined.For instance, he said, "all telecom companies should do their own calculation now and adjust tariffs (rates). The tax incidence on them will come down on account of the input tax credit for the servers they use for operations and other hardware and software. Currently, they do not get input tax credit for those".He was speaking at an interaction with journalists after the GST Council meeting here.Telecom services will be taxed at 18 per cent under GST, up from 15 per cent now; however, higher refunds are likely to take the actual incidence lower than the current rate.Adding that if they were getting the benefit of lower cost, they'd have to pass .

E-commerce players loses GST rate battle after levy of 1% TCS on sellers

Even after months of discussions with the government, putting forward representation via industry bodies such CII, ecommerce players lost the GST battle. The government today said that one percent tax collected at source (TCS) would be charged by ecommerce companies much to their chagrin.In the absence of any straightforward classification, e-commerce companies find it hard to convince the government to treat them not as a 'shop' but as a 'platform', which vendors use to sell products. Under the new goods and services tax (GST) regime this will imply that e-commerce firms will have to deduct one percent tax collected at source while making payments to their suppliers. This, e-commerce stalwarts such as Amazon, Flipkart, Shopclues, and Snapdeal have argued, will lock Rs 400 crore of capital belonging to their sellers every year in the GST regime. "The one per cent TCS is a working capital hit and a hindrance. I don't think it is end of the world, but it would be better if it was not ...

GST on gold deferred as consuming and producing states spar over rates

GST council today differed decision to 3 rd June meeting on which rate shall apply to gold following differences still persisting among consuming and producing states. Gold consuming states were insisting for 2 per cent GST on jewellery while other states were okay with five per cent tax. Council had proposed 4 per cent as consensus rate but ultimately decision could not be take.At present 1 per cent is effective excise duty while VAT is 1-1.25 per cent in most states. In Kerala it is 5 per cent but under composite scheme, which most jewelers have been opting for, effective rate is around 1.25 per cent. The Gem and Jewellery Federation of India- GJF- had proposed 1.25 per cent GST while Indian Bullion and Jewellers Association had proposed the rate of 2.25 per cent combining VAT and excise duty. Bullion industry is paying 10 per cent customs duty for imported old.However, in today's GST council meeting the issue of gold was to be finalized but apart from the rate differences, another .

GST rates: Congress adopts wait and watch policy over 28% slab on 19% items

The Congress adopted a wait and watch policy on the tax rates approved by the Goods and Services Tax Council saying it was still work in progress but expressed concerned over 28 percent slab applicable to just 19 percent items."At the moment it is work in progress. Full clarity does not exist regarding individual items. We will respond comprehensively only after specificity emerges in the proposals. But we are concerned over 28 percent rate even though it applies to only 19 percent of items," Congress spokesperson Abhishek Manu Singhvi told Business Standard.Congress vice president Rahul Gandhi has been a strong votary of the 18 percent cap suggested by the main opposition party earlier when the GST bill was debated and passed in the parliament. Later, the Congress protested the four tier tax rates of 5, 12, 18 and 28 percent approved by the GST council saying a tax rate over 18 percent will hit consumer interests and that a four-tier slab defied the very concept of a simple GST as ..