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

Circular No. 20/2022 : ​Extension of due date for furnishing return of income for the Assessment Year 2022-23

Read more

CBDT extends the due date of filing of Form 26Q for the second quarter of Financial Year 2022-23 from 31st October, 2022 to 30th November, 2022. Circular No. 21 of 2022 dated 27.10.2022 issued.

Read more

CBDT amends Rule 128 of the Income-tax Rules, 1962, providing major relief to taxpayers in the matter of claiming Foreign Tax Credit (FTC). The Statement in Form No. 67 can now be furnished on or before the end of the relevant Asstt Year. Notification No. 100/2022 issued.The pre-amended Rule required the FTC claim to be filed by the due date of furnishing the Income Tax Return. The amendment operates retrospectively so that this benefit is available to all FTC claims filed during the current Financial Year.

Read more