The government needs to put out a discussion paper on how it proposes to go about reducing the GST slabs and lowering the rates. The way forward is to have three slabs in the GST structure, and prune the rates at either end. We need to boost tax buoyancy, but also make sure that there is revenue neutrality. Interest rates that money lenders charged borrowers hardly budged for decades irrespective of policy decisions.
But even that is collapsing faster than what it is in the formal banking system, thanks to the implementation of Goods and Services Tax. Borrowing in the informal market is no more lucrative. Lenders who fund small traders and merchants have lowered their rates to just a third of what they were charging, but still the demand is not showing up.
Rates have dipped to a third to 6 per cent from per cent about months ago, said two dealers aware of the market dynamics. A huge army of businessmen borrowed in an informal market from money lenders to avoid getting trapped by the banking system and the tax department.
This was known as 'Kachha Credit' among practitioners. The government has lowered interest rate on small saving schemes by 10 basis points for the July-September quarter. A finance ministry notification said investments in the public provident fund PPF scheme will fetch lower annual rate of 7.
Term deposits of years will fetch a lower 6. The investment on 5-year Senior Citizens Savings Scheme will yield 8. The interest rate on the senior citizens scheme is paid quarterly.
The Narendra Modi government has put the Opposition parties in a fix. Small retailers are still grappling with the goods and services tax, which will come into effect from 1 July. With a few days left for GST to come into effect, retailers are still in the dark about the details and are refraining from restocking.
However, it is unlikely to hit consumers yet. Few players in the restaurant industry are losing business due to GST regime but others say that business has been usual. Earlier, hotels taxed food at 11 percent including 5 percent value added tax VAT and 6 percent service tax after some rebate. The first set of numbers after the rollout of the goods and services tax should calm any jitters about its prospects.
Integrated goods and services tax IGST collections on imports in the first 10 days of the new regime crossed Rs 4, crore, in line with expectation and suggests that the rollout has been largely smooth. Luxury cars, SUVs see stronger sales ahead of a price hike the government moves ahead with proposal to hike the GST cess on such vehicles. The Cabinet approved an ordinance to amend the law and the GST Council will decide when the hike will be applicable, Union finance minister Arun Jaitley said on Wednesday,.
Guide to filing GST returns Those who need not bother at all about the details. Nearly 80 per cent of all businesses will either not have to file any return or just once in three months. Their life will not change at all after July 1. Because you need to file just one return in three months —yes, just four returns in a year. And you need not give any details of invoices. If you opt for the composition scheme, you will deposit a lumpsum amount in tax without giving too many details to the government.
You need to disclose just the total turnover. Services by way of pre-conditioning, pre-cooling, ripening, waxing, retail packing, labelling of fruits and vegetables which do not change or alter the essential characteristics of the said fruits or vegetables. Now click on the given download link Wait a few seconds after clicking on the link.
After downloading, click on the PDF file and open it in default pdf viewer. Which items are in 12 GST slab? What is the GST on gold? What are the 3 types of GST?
What is GST slab rate? Download Now. You may also like. April 17, April 19, May 4, There are no comments yet No comments. Leave a Reply Cancel reply Your email address will not be published. Category: Government. Sanitary napkins, Stone, marble and wooden deities, Rakhis without precious stones, brooms and commemorative coins , Fortified milk.
Fittings for loose leaf binders, or files, letter clips, letter corners, paper clips, staple in strips,. Services of goods transport agency GTA in relation to transportation of goods [other than used household goods for personal use].
Services of goods transport agency in relation to transportation of used household goods for personal use. Transport of goods in a vessel including services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.
Transport of passengers, with or without accompanied belongings, by air, embarking from or terminating in a Regional Connectivity Scheme Airport. Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes having room tariff Rs.
Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. See the screenshot of email you will receive :. If you are interested to get latest amended GST book on monthly basis then you can go for annual subscription. You will receive every month, updated edition of eBook on GST law. Existing customers are those who have purchased any edition of the respective eBooks during last 12 months i.
October to September Existing customers may get this digital book after payment of three hundred forty-nine rupees only. I am very confident that this GST law book in pdf would be of immense help to Chartered Accountants, Cost Accountants and Company Secretaries in carrying out their professional assignments. I prepared GST Act in PDF for the help of students and professionals who may access it as per their convenience while working on the desk or on the move through their computer, laptop , tablet, iPad and smart phones etc.
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