The GST Council meeting, beyond reviewing GST rates, is too finding into the requirement to file 3 income tax returns each month in a bid to make the filing cycle more taxpayer friendly.
In New GST modifications, 28% Tax Only For fifty Items - Daily use products such as toothpaste, shaving-cream, shampoo, deodorant, aftershave lotion, chewing gums, shoe polish, chocolate, and nutritious drinks would turn easier. Reducing tax rates on food consumed in ac restaurants to twelve per cent, down from 18 per cent.
Service providers with turnover up to Rupees twenty lakh required not register even if doing interstate supplies.
- Extra time for filling returns for those of composition scheme.
- Refunds to be announced each month
- E-wallet provision by APR
- There is no Tax on duty free goods
- Merchant exporters required to remit 0.1% tax on domestic goods procurement.
- E-way bill to be started from 1st April, 2018
- A committee to be set to review the levy on restaurants.
GST Tax Slab Rates List 2017 are 5%, 12%, 18% & 28%. Taxes to be subsumed below GST are Surcharge & Fees, VAT, Excise Duty, Service Tax, Central Sales Tax, Taxes on Lottery, Entertainment Tax, Luxury Tax, Entry Tax. Category wise products GST Rates List.
The GST council on Friday published big cuts in taxes of twenty seven items along with a list of relief levels to aid exporters and small businesses. Here are few products that are fixed to find lesser under GST:
Firms face ban for not pass through GST gains. The rejection of registration to the power to levy penalty, Tax practitioners told that rejection of registration is also harsh, The tax regime will obtain a mega start on the night of June 30.