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
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
FRESHWORKS TECHNOLOGIES PVT. LTD.
TAC SECURITY SOLUTIONS
TEJAS NETWORKS INDIA PVT. LTD.
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RAJESH NAMBIAR
Rajesh leads the company’s India associates and enhances relationshi...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
PARTNER SPEAKERS
PSU
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
