Revised GST Rate List
By watching the bad condition of BJP from the PM
election point of view; Party officials took a decision for the benefit of the
public
who are suffering from High GST rates that low rates are going to
implement on several good to increase the purchasing power of the customers for
higher economy of the country. As per discussions taken place in the 22nd
meeting Finance Minister Arun Jaitley has introduced Revised GST Rate List.
After the commencement of Revised GST, everybody’s starts talking about new GST
rates. For the sake of it we have presented Full List of 27 Goods & 12
Services that gets cheaper.
Dear visitors we wan to say that GST Council's
recommendations Prime Minister Narendra Modi said that GST had become
"even simpler" after revision which will be clear in given table.
After the changes in Goods and Service tax 95% of taxpayer is relaxed. PM Modi
has been describing GST as 'Good and Simple Tax'. "GST is in line with our
constant endeavour to ensure interests of our citizens are safeguarded &
India's economy grows," he added. As we all know that Gujarat elections
are in the way so other parties are making their statements that Prime Minister
Narendra Modi has done revision in GST due to vote in elections. But the truth
is that changes are made to give relief to small traders.
Most of the the Small traders was not getting the exact
meaning of GST so for the sake of them and other troubles that AAM ADMI was
facing Revised GST Rate has been done. It is true that new rates are a totally
public stunt which may be far effective for BJP in further elections. Let’s see
what will be happened? Other highlights connected with Revised GST Rate List
are provided below for all the Indian citizens for their benefit in buying and
selling the goods. Best of luck!!
Full List of 27 Goods & 12 Services: Below
is the list of items on which GST has been reduced. You can go through the
provided table and get all the related information about changes of 27 Goods
& 12 Services after revision of GST.
S.
No.
|
Description
|
Present
GST Rate
|
GST
Rate Recommended by the GST Council
|
1.
|
Mangoes sliced dried
|
12%
|
5%
|
2.
|
Khakra and plain chapati / roti
|
12%
|
5%
|
3.
|
Food preparations put up in unit containers and
intended for free distribution
to economically weaker sections of the society
under a programme dulyapproved by the Central Government or
any State Government, subject to specified conditions
|
18%
|
5 %
|
4.
|
Namkeens other than those put up in unit container and, –
(a) bearing a registered brand name; or
(b) bearing a brand name on which an actionable claim or enforceable
right in a court of law is available [other than those where any actionable
claim or enforceable right in respect of such brand name has been foregone
voluntarily
|
12%
|
5%
|
5.
|
Imposing GST only on the net quantity of superior kerosene oil [SKO]
retained for the manufacture of Linear Alkyl Benzene [LAB]
|
18%
|
18%
[Clarification to be issued]
|
6.
|
Ayurvedic, Unani, Siddha, Homeopathy medicines, other than those
bearing a brand name
|
12%
|
5%
|
7.
|
Poster Colour
|
28%
|
18%
|
8.
|
Modelling paste for children amusement
|
28%
|
18%
|
9.
|
Plastic waste, parings or scrap
|
18%
|
5%
|
10.
|
Rubber waste, parings or scrap
|
18%
|
5%
|
11.
|
Hard Rubber waste or scrap
|
28%
|
5%
|
12.
|
Paper waste or scrap
|
12%
|
5%
|
13.
|
Duty credit scrips
|
5%
|
Nil
|
14.
|
Sewing thread of manmade filaments, whether or not put up for retail
sale
|
18%
|
12%
|
15.
|
All synthetic filament yarn, such as nylon, polyester, acrylic, etc.
|
18%
|
12%
|
16.
|
All artificial filament yarn, such as viscose rayon, Cuprammonium,
|
18%
|
12%
|
17.
|
Sewing thread of manmade staple fibres
|
18%
|
12%
|
18.
|
Yarn of manmade staple fibres
|
18%
|
12%
|
19.
|
Real Zari
|
12%
|
5%
|
20.
|
All goods falling under heading 6802 [other than those of marble and
granite or those which attract 12% GST]
|
28%
|
18%
|
21.
|
Cullet or other waste or scrap of Glass
|
18%
|
5%
|
22.
|
Fittings for loose-leaf binders or files, letter clips, letter
corners, paper clips, indexing tags and similar office articles, of base
metal; staples in strips (for example, for offices, upholstery, packaging),
of base metal
|
28%
|
18%
|
23.
|
Plain Shaft Bearing 8483
|
28%
|
18%
|
24.
|
Parts suitable for use solely or principally with fixed Speed Diesel
Engines of power not exceeding 15HP
|
28%
|
18%
|
25.
|
Parts suitable for use solely or principally with power driven pumps
primarily designed for handling water, namely, centrifugal pumps (horizontal
and vertical), deep tube-well turbine pumps, submersible pumps, axial flow
and mixed flow vertical pumps
|
28%
|
18%
|
26.
|
E-Waste
|
28%/18%
|
5%
|
27.
|
Biomass briquettes
|
18%
|
5%
|
IGST Exemption Goods: Directors will also get benefits
from E wallets that have been introduced in revised GST. May imports were
facing problem as their money was being credited as no payments were done. To
overcome from this situation e-wallets are now provided.
Description
|
Present
applicable IGST rate
|
Recommended
IGST rate
|
IGST exemption on imports of rigs imported for oil / gas exploration
and production projects under lease, subject to the following conditions
that:
(i) Integrated tax leviable
under section 5(1) of the IGST Act on supply of service covered by item
1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act;
(ii) The rig is not sold without the
prior permission of the Commissioner of Customs of the port of importation;
(iii) to re-export the goods within 3 months from
the expiry of the period for which they were supplied under a transaction
covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services
Tax Act out of India;
(iv) to pay on demand an amount equal to the
integrated tax payable on the said goods but for the exemption under this
notification in the event of violation of any of the above conditions and
applicable interest.
|
5%
|
Nil
|
Exemption from IGST on imports of medicines supplied free by
international agencies like UNICEF, WHO, Red Cross etc.
|
12%/5%
|
Nil
|
A. Exemption from IGST on imports
of bona fide gifts upto CIF value limit of Rs. 5000 imported
through post or air.
|
28%
|
Nil
|
Description
of Services
|
GST
Rate
|
Services by way of job work in relation to –
a) Textile yarns (other than man-made fibre/filament) & textile
fabrics
b) Cut and polished diamonds; precious and semi-precious stones, or
plain and studded jewellery of gold and other precious metals, falling under
chapter 71 of HSN
c) Printing of books (including braille books), journals and
periodicals
d) Processing of leather
|
5% with Full ITC
|
Services by way of right to admission to exhibition of
cinematographic films where the consideration for admission is Rs. 100 or
less.
|
18% with Full ITC
|
Reminder:
Dear visitors to read more such topics stay tuned with ejobhub.
Take a Look on Below Table
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