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:
|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|
Rates for Items/Categories which are expected to be finalized tomorrow:
Gold, Beedi, Auto Sector, Health, textile, education, footwear, real estate