GST on mobile phones increased from 12% to 18%
By MYBRANDBOOK
Mobile phones are said to attract more GST wef. April 1, 2020. The current GST on mobile phones in 12%, will now rise up to 18% after the GST Council corrected the inverted duty structure that was being faced by the industry.
The Council, however, deferred rationalizing the tax structure of fertilizers, man-made yarn, fibre and footwear, to the next meeting.
"Mobile phones and specified parts to attract 18% versus 12%. All other items, if there's a need to calibrate the rates, to remove the inversion, we can take them up in the future, examination of that can happen at a later time," said Finance Minister Nirmala Sitharaman after conclusion of the 39th GST Council meeting on Saturday.
GST for maintenance, repair and overhaul service providers in India has been lowered to 5% from 18% now, with provision of availing full input tax credit (ITC). “This will assist in setting up of MRO services in the country,” the Finance Minister added. GST rate on handmade and machine-made matchsticks was also rationalised to 12% from present range of 5% and 18%.
“Increase of GST rate on mobile phones to 18%, arguably to correct the inverted duty structure, may lead to an increase in prices," said Pratik Jain, Partner and Leader Indirect Tax, PwC India.
“Given the current economic scenario, perhaps an option to provide quicker refund of input tax credit (including on input services which is not allowed currently) could have been explored,” he added.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
NUMERIC INDIA, A Group Brand Legrand
LAVA INTERNATIONAL LTD.
RELIANCE JIO INFOCOMM LTD.
DIGISOL SYSTEMS LTD.
Technology Icons Of India 2023: Rishad Premji
Rishad Premji is the son of the Wipro head Azim Premji and was named a...
Technology Icons Of India 2023: Honorary Prof. N. Balakrishnan
Prof. N. Balakrishnan is an Indian aerospace and computer scientist. H...
Technology Icons Of India 2023: Debjani Ghosh
Debjani Ghosh is the first woman president of NASSCOM (the umbrella bo...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
Leading company into fertilizers in the country
NFL is a dynamic organization committed to serve the farming community...
CSCs enabling rural India digitally empowered
Common service centres (CSCs) are digital access points under the Digi...
SATCOM INFOTECH PVT. LTD.
Satcom Infotech Pvt. Ltd is a distribution houses in security in India...
SONATA INFORMATION TECHNOLOGY LIMITED
Sonata Software Limited is a leading Modernization engineering company...
NETPOLEON SOLUTIONS
Netpoleon Group is a Value-Added Distributor (VAD) of Network Security...