Skip to main content

GST Council in its 15th Meeting held Today, Approved the following:

1. Deemed Credit in Transitional Provision- 
Goods in bracket of 5% and 12% - Deemed Credit Kept at 40%
Goods in bracket of 18% and above- Deemed Credit kept at 60%

2. GST Rate Announced Today-
Gold- New Slab rate of 3% Introduced
Biscuits- 18%
Readymade Garments above 1000- 12%
Textile- Yarn and Cotton Fabric- 5%
(Natural Yarn @ 5% Manufactured Yarn @18%)
Footwear Upto 500- 5%
Footwear above 500- 18%
Packaged Food Sold under register trademark- 5%
Agri Machinery- 5% to 12% depending on category.
Apparel Below 1000- 5%
Rough Daimond- .25%
Jute- 0%
Biddi- 28% without Cess
Next GST Council Meeting on 11JUN2017 to discuss unfinished Matters

Popular posts from this blog

Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and rules made thereunder on account of the threat posed by COVID-19

Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and rules made thereunder on account of the threat posed by COVID-19 Posted On: 13 APR 2020 8:26PM by PIB Delhi In continuation of the earlier Circular (General Circular Number 14/2020) issued by the Ministry of Corporate Affairs (MCA) on 8 th  April, 2020 regarding conduct of extraordinary general meetings (EGMs) through video conferencing (VC) or other audio visual means (OAVM), the MCA has issued another Circular (General Circular Number 17/2020) today to provide greater clarity regarding issue of notices to members for such meetings by using only electronic means, in view of the COVID-19 related lockdown and social distancing requirements, while at the same time ensuring that the relevant companies facilitate registration of email addresses of the members who have not done so and make suitable disclosure in this regard at the time of issue of public notice in the newspapers. ...
Read more

Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19 Link: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1663175#.X4BYXkeORlF.twitter

Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020. Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also includes the data for FY 2017-18. However, this information for FY 2017-18 has already been furnished by the taxpayers in the annual return (GSTR9) filed for FY 2017-18 and there is no mechanism to show the split of two years (2017-18 & 2018-19) in FORM GSTR-9 for 2018-19. In this regard, it is clarified that the taxpayers are required to  report only the values pertaining to Financial Year 2018-19  and the values pertaining to Financial Year 2017-18 which may have already been reported or adjustedare to be ignored. No adverse view would be taken in cases where there are variations in returns for taxpayers who have already filed their  GSTR-9  of Financial Year 2018-19 by...
Read more

Taxpayers are advised to download & use the latest utilities(updated on 01.01.2021)from the efiling portal so that Section 234A & Section 234F interest/fee respectively are calculated correctly.The data from the saved XML/EXCEL utility can be imported into the new utility.The imported data may, however, be carefully reviewed to ensure that the remaining data, if any, is filled. If the user still experiences any issues, please write to us at https://t.co/3vqY9TK4jo. Our team will get in touch.

Read more