GST rates 2017 [Updated]

1 points

GST Speed in India: Here are the tax rates for many goods and services. GST Rates in India 2017 (Item Wise GST List PDF) GST tax slabs vary from 0% (Nil ) to 31%. Find out How to Login to gst portal at http://www.gstgovlogin.com/

Last Updated as on 06 October 2017: GST gets simpler for smaller businesses and exporters.

Small Business: Simpler composition scheme for businesses with turnover upto Rs. 1 crore. Scheme to be more attractive — Businesses with turnover of Rs.1 crore can cover & file returns every quarter.

Service providers with turnover up to Rs.20 lakh don’t register even if making interstate supplies.

More time for filling returns for those under composition scheme.

Refunds to be released every month

E-wallet facility by APR

No Tax on duty free scrips

Merchant exporters need to pay 0.1% tax on domestic products procurement.

GST Tax Slab Rates List 2017: 5%, 12%, 18% and 28%. Taxes to be subsumed beneath GST include Excise Duty, Service Tax, Central Sales Tax, Surcharge & Fees, VAT, Taxes on Lottery, Luxury Tax, Entry Tax, Entertainment Tax (These are the Sections of Central Tax & State Tax). Category wise products GST Rates List updated. Small retailers not rush in stock up new inventory due to uncertain vision on GST. Honda Activa & Unicorn prices will fall by 3 — 5 percent following 1 july 2017.

Updated New GST Rates as on 07 October 2017

The GST council on Friday announced significant reductions in earnings of 27 items along with a slew of relief steps to encourage exporters and tiny businesses. Here are some items that are set to get cheaper under GST:

Firms face ban for not passing on GST gains. HIGHLIGHTS = (1) The cancellation of registration is in addition to the power to inflict punishment, (2) Tax practitioners said that cancellation of registration is too harsh, (3) The tax regime will get a mega launch on the night of June 30.

Update of 19 June 2017: GST Council relaxes filing norms for 2 months — GST Council has declared the relaxation of 2 months for filing GST returns from the taxpayers. It means no late fees will be billed till September, 2017 from the taxpayers who going to fill GST.

Impact of GST on Household Expenses

Category Before GST After GST

Food 12.5 percent 5.00%

Entertainment 30.00% 28.00%

Transportation 15.00% 18.00 percent

Household — Personal Care 28.00% 18.00%

Mobile Phone 15.00% 18.00%

Insurance Premium 15.00% 18.00 percent

Credit Card Bills 15.00 percent 18.00 percent

The fitment of charges of services had been discussed on 19 May 2017 during the 14th GST Council meeting held in Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services in Nil, 5 percent, 12%, 18% and 28 percent as listed under. The information is being uploaded immediately after the GST Council’s decision and it will be subject to additional vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to via gazette notifications which will have force of law.

Submit reply

Login

Sign in to alux.com or create an account

Lost password?

Signup

If you already have an account, please sign in

Forgot Password

Please enter your username or e-mail address to recover your password.

Hey there!

In order to submit a post to Alux.com you must be logged in.

Already have an account? Click here to sign in