Saturday, July 21, 2018

gst new rules w.e.f.27 july 2018


GST COUNCIL 28th MEETING (21.07.2018)  HIGHLIGHTS  w.e.f: 27.07.2018

> lower rates for over 3 dozen items 
> Decision to cut rates on several general-use items like TV, washing machines and refrigerators. It set to get cheaper 
> Simpler returns filing process approved
> Turnover Of up to 5 cr taxpayers to file Quarterly returns.
> Turnover of 5 cr & above taxpayers to file Monthly returns.
> Tax on bamboo flooring reduced to 12%
> 17 Items out of 28% GST slab
> Stone, Marble and wood deities get GST exemption
> Coir-compost, sal leaves, a raw material for broom 100% exempted
> Knitted caps or otherwise below 1000 brought down to 5%
> GST Rates cut to 18% for special purpose vehicles, work truck, trailers from 28%
> GST Rates cut for mixer, juicer, vacuum cleaner, grinder to 18% from 28%
> No decision was taken on sugar cess
> Sanitary napkins, small handicraft items and rakhis exempted from GST
> Council has approved rate reduction for several items in 28 slab





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