Telcos are required to re-work their costing and credits availability and re-jig their prices and ensure that the increased availability of credits is passed on to the customers by lowering their costs.
With all Central legislations in place and only State level ratifications pending, the stage is set for GST implementation. The 1 July 2017 target also seems realistic given that the major hurdles have been crossed.
Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee (other than instant coffee) and Milk Powder; Present incidence of taxes on sugar is 8% while proposed GST rate on Sugar is only 5% i.e. 3% less;
One of the most important tasks in getting prepared for GST is updating the vendor and the customer master with their GST registration number. This is a big task for many large companies which have thousands or even tens of thousands of records to update.
GST Council in its 14th meeting on 18th & 19th of May 2017 held in Srinagar, suggested the list of goods & services on which tax should be levied under Reverse Charge Mechanism (RCM). In all 12 services has been suggested by the Council to be notified by the government as services on which Reverse Charge Mechanism shall apply. Not only services but RCM is applicable on supply of goods also. In this article we will cover all the provisions related to RCM under GST. For the first time, we have drafted the article in form of question and answers. We have tried to cover all the aspects of RCM in these questions, so now let us start with our question answer session.
The Article Covers Rate Chart of Goods and Services Tax (GST) applicable on 35 specifically mentioned services and on all other services with availability of Input Tax Credit and List of Services Which are Exempt from Goods and Services Tax.
Articles covers list of services that will be under reverse charge as approved by the GST Council and Percentage of GST payable by service provider and any person other than Nthe service provider. SERVICES UNDER REVERSE CHARGE AS APPROVED BY GST COUNCIL The fitment of rates of services were discussed on 19 May 2017 during […]
Under New GST Regime all services Taxable under GST are been given Service Code (Tariff). All Such Service Tariff code are based on Type of service provided by you. Larger Service is divided in sub categories and in those sub-categories description of services which will fall under those sub-categories with Services Tariff code is given. […]
GST Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. GST rates for certain goods like textile, footwear, biris, precious metals, etc. are yet to be decided by the GST Council.
Council has broadly approved the rates of GST Compensation Cess to be levied on certain goods. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.
