Outcome of GST Council’s meeting held at Srinagar on 18Th May 2017.

GST council’s meeting held at Srinagar today on 18th of May 2017

Out of approximately 1211 items, Tax rates finalized for 90% items.

Tax rates of about 6 categories left undecided, which are expected to be finalized tomorrow.

Rates of tax on supply of services not decided yet.

All items under GST to be taxes under five Tax slabs 0%, 5%, 12%, 18% & 28%

Seven GST rules finalized i.e. Composition Rules, Input Tax Credit Rules, Valuation Rules, Registration Rules, Invoice Rules, Payment Rules & Refund Rules.

Four GST Formats finalized i.e. Composition forms, ITC Forms, Payments Forms, Refunds Forms

Two rules yet to be finalized legal team of GST Council i.e. Returns Rules & Transition Rules.

60% of items falling under 12% and 18% slabs

Rates / Tax Slabs 0% 5% 12% 18% 28%
% of Items under tax slabs 17% 14% 17% 43% 19%

List of items falling under various slabs:

0% 5% 12% 18% 28%
Cereals Sugar Capital goods
Milk Tea Industrial intermediate goods
Raw food items Coffe (Except Instant Coffee) Tooth paste
Food Grains Edible Oil Hair oil
Indian sweets / Mithai Soaps
Processed food of daily needs
Coal

Rates for Items/Categories which are expected to be finalized tomorrow:

Gold, Beedi, Auto Sector, Health, textile, education, footwear, real estate

All About Applicability of caro 2016

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6 Comments

  1. Sunil Kumar says:

    Sir /Madam
    item :- Invertor & Battery
    Rate of Tax (GSt) ………………
    Invertor & battery in cover of GSt Act of Rate of Tax
    Plz. Tell me

  2. Avdhesh kumar says:

    please explain me-(A)-if A mfg co.sell goods with in state whats is invoice to be charged
    B–if a co,sell goods o/s what tax to be charged
    C–if A co.purchase goods within state–how can input tax credit counts
    D–if A co.purchase goods o/s how can input credit tax counts
    E— Return form of A mfg company
    F—how i can return of a mfg company please inform formet of return
    thanks-Avdhesh kumar

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