GST Rate Revised by lowering tax rates on 213 items
By MYBRANDBOOK
To make GST affordable, friendly Modi government has revised on certain goods like Detergent, marble floorings, toiletries are among items shifted to the 18% tax bracket from 28%. Out of 228 items in the 28% tax bracket, 178 have been put into the lower tax category of 18%, Finance Minister Arun Jaitley announced at a press briefing after the GST Council meet in Guwahati on Friday.
The modified rates will come into force on November 15. Mr. Jaitley said. Six items to go from 5% to Zero tax.
The tax rate on two items have been reduced from 28% to 12%, 13 items have been reduced from 18% to 12%, while the rate on six items have been cut from 18% to 5% and that of eight items from 12% to 5%. Six items have gone from 5% to zero, Mr. Jaitley announced.
Recommendations by GST Council in the 23rd meeting at Guwahati, is filling of returns has further simplified with the the time period for filing GSTR -2 and GSTR-3 for July,2017 to March 2018 would be worked out by a committee of officers. However,filing of GSTR-1 will continue for the entire period without requiring of GSTR-2 & GSTR-3 for the previous month/period.
Secondly,All taxpayers would file return in FORM GSTR-3B along with payment of Tax,by 20th of the succeeding month till march,2018.
For filing of details in FORM GSTR-1 till March 2018,taxpayers would be divided into two categories.
Prime Minister Narendra Modi said, the GST has become "even simpler" after GST Council's recommendations and that it is in line with the government's constant endeavor to safeguard citizens' interests and ensure India's economy grows and by describing GST as 'Good and Simple Tax'.
"Good and Simple Tax (GST) becomes even simpler. Today's recommendations will immensely help small and medium business," the prime minister said in a tweet.
BREAKING NEWS
TECHNO TRENDS
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 ...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Technology and a robust partner network help position Allied T
Allied Telesis in India has a strong and growing team that is very customer
Fire-Boltt innovates and introduces newer categories to make i
One of the biggest strengths and focus area of Fire-Boltt is innovation. Wi
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
MICROMAX INFORMATICS LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
DIGISOL SYSTEMS LTD.
AGGRESSIVE ELECTRONICS MANUFACTURING SERVICES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Sandip Patel
Sandip Patel is the Managing Director, IBM India/South Asia. He is res...
Technology Icons Of India 2023: Hari Om Rai
Hari Om Rai is the Co-founder, Chairman & Managing Director of Lava In...
Technology Icons Of India 2023: Dr. Sanjay Bahl
Sanjay Bahl is currently with the Indian Computer Emergency Response T...
PARTNER SPEAKERS
PSU
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
Aadhaar: Architecting the World's Largest Biometric Identity System
The Unique Identification Authority of India (UIDAI) is a statutory au...
VIDEOS
Top 25 Brands
Value-Added Distribution
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
