GST concessions 'too little, too late', says CPI; claims 8 out of 27 items' tax reduced exist only in Gujarat
CPI also demanded that all taxes on petrol and diesel should be done away with and be brought under the GST within a reasonable slab.
The GST Council on Friday made sweeping changes to give relief to small and medium businesses on filing and payment of taxes
Many companies also want the government to increase the size of turnover imposed before they must start filing returns.
Cess on small petrol and diesel cars, hybrid cars and those carrying up to 13 passengers has not been hiked
New Delhi: Tax rates on certain kitchen items like pickles and mustard sauce, as well as movie tickets costing up to Rs 100 have been lowered as the Centre and states Sunday reduced levies on 66 items.
This will be the 16th meeting of the Council, chaired by FM Arun Jaitley and comprising state counterparts, since it was set up in September 2016.
GST rate for gold fixed at 3%, biscuits 18%, bidis 28%; states, except West Bengal, agree to 1 July rollout
New Delhi: Footwear below Rs 500 will be taxed at 5 percent under the Goods and Services Tax, while the rest would be in the 18 percent bracket once the new regime is rolled out from 1 July.
This will probably be the last meeting of the GST Council before the implementation of the new tax regime from 1 July
GST Council: Cheaper rates for daily items offer good news for common man; no unpleasant surprises so far
The MPC and RBI waiting for the rate structure to chart their future roadmap on inflation battle
Milk and cereals will be among the exempted category, Revenue secretary Hasmukh Adhia said
Crucial GST Council meet starts in Srinagar today, to decide tax rate for items from salt to luxury cars
The GST will replace 16 current levies -- seven central taxes like excise duty and service tax and nine state taxes like VAT and entertainment tax
Jaitley also said that the cess on sin (tobacco products) and luxury goods has been capped at 15 percent by the Council.
Apart from the tax rates, there will also be a cess on top of it, which will form the corpus to compensate the states for any revenue loss for the first five years of implementation of GST.
The draft compensation bill has already been approved in the Council's 18 February meeting
The association has asked the Finance Ministry to look into the serious concerns of IRS(C&CE) to raise the morale of officers of such large cadre, the officers said.
The council headed by Finance Minister Arun Jaitley, which is meeting for the seventh time so far, will also take up the dual control issue and try to iron out differences on the vexed issue of jurisdiction over assessees in the new indirect tax regime
The solution to the critical issue has eluded consensus over six previous meetings of the GST Council.
The GST Council on Saturday failed to reach consensus on the contentious issue of dual control and will meet again on 11 and 12 December to hammer out the differences.
A zero tax on daily necessities as well as lower rate of 5 percent for items of mass consumption will make the new Goods and Services Tax regime, to be rolled out from April next year, less regressive, tax experts said.
India Inc today suggested the government to gradually come down to "one or two" rates of the Goods and Services Tax (GST)