Goods and Services Tax Bill

19 May 2017, 04:46 | Shawn Tate

Goods and Services Tax Bill

Finance Minister Arun Jaitley

One nation one tax.

The first day of 14th GST Council meet to decide fitment of commodities in various tax slabs under the Goods and Services Tax concluded in Srinagar's Sher-e-Kashmir International Convention Centre (SKICC). Another 17 percent items are in 12 percent tax bracket, 43 percent in 18 percent tax slab and only 19 percent of goods fall in the top tax bracket of 28 percent. "The tax burden hasn't increased in any commodity".

The complete details will be available in the public domain after the said meeting concludes on Friday. Jaitley complimented the JK Finance Minister Dr Haseeb A Drabu and the state government for making outstanding arrangements for the final leg of the GST Council before the law is rolled out on July 1 this year.

Mark Cuban admits to tanking
The Los Angeles Lakers did everything in their power to stay in the top-3 of this year's draft which meant a lot of losing. The Mavericks will now turn their attention to June's draft, where they'll be picking ninth.

Monaco coach Jardim staying cautious amid title euphoria
Normally such a reserved character, Jardim jumped off the bench and pumped his fist vigorously as he shuffled along the touchline. A point on Wednesday at home against Saint-Etienne, however, would guarantee the title and should have Jardim smiling at last.

Cleveland Cavaliers To Wear Goodyear Logo On Jerseys Next Season
The win marked the first time in NBA history that any team has overcome a 3-1 deficit to become NBA Champions. In the 1930s, Goodyear was a founding member of the National Basketball League, a precursor to the NBA.

Luxury cars will be taxed at 28% GST plus a cess of 15%, while small petrol cars will be taxed at 28% GST plus a 1% cess and small diesel cars at 28% plus 3% cess. As many as 81% of the items will attract 18% or less GST. Most raw food items including milk will be exempted from tax while the panel still has to finalize rates for processed food items. The 2 day meeting which has started today is the fourteenth meeting of the council, many key decisions such as deciding rates will be discussed in the meet. The GST rate on coal has been fixed at 5 per cent, down from 11.69 per cent of tax now charged. "One criteria in mind is that overall impact should not be inflationary", Finance Minister Arun Jaitley said. "Accordingly, while food stuff and unprocessed basic items like tea, coffee and edible oil may become cheaper, a large number of items which will be under 28% bracket would become costlier" company quoted him as saying. This would significantly bring down the list of "zero tax" products. "The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise, it's not going to be very significantly different (from present)", he had said at the annual meeting of industry body CII in New Delhi on April 28.

"We are banking on hope that under GST, evasion will be checked and buoyancy will go up", the minister said. "The government will get the benefit of higher revenue efficiency through better compliances", he added.Director-general of the National Academy of Customs Excise and Narcotics (NACEN), P K Dash enlightened the MLAs about the tax reforms.



Other News

Trending Now

1st large Chinese-made passenger jet makes its maiden flight
The jet was designed and produced in China and made with resources from around the world. People in China, though, are cheering the successful first flight.

Apple devices to get new minor updates; Fixes few annoying bugs
That said, the update brings a litany of security fixes to bear, all of which are detailed on Apple's support website right here . Meanwhile, Apple has also rolled out update 2017-002 for older macOS versions Yosemite and El Capitan, Ars Technica has learned.

Abortion sought for raped minor
Later, the victim revealed that she was sexually abused by her stepfather regularly while her mother was away for work. The police have appealed the girl to come forward as they could not locate her at the address mentioned in the letter.

Waymo's Lawsuit Against Uber Going to Federal Prosecutors
In addition, Alsup denied Uber's request to force the high-tech corporate espionage lawsuit out of court and into arbitration. Waymo claims he absconded with 14,000 top secret documents, an allegation that Alsup has said is not in question.

Katy Perry coming to the 'X'
Perry's previous tour, the "Prismatic World Tour", concluded in 2015 following 151 sold-out dates worldwide. That's when Perry is set to join host Dwayne Johnson for the season finale of Saturday Night Live .

Russia, Saudi Arabia back extension of oil output cuts
By May 9, hedge funds were running a net short position of 21 million barrels in US gasoline and 9 million barrels in heating oil. US crude rose 2.72 percent to $49.14 per barrel and Brent was last at $52.09, up 2.46 percent on the day.

Jennifer Lawrence looks terrifying in her new movie role
Aronofsky is writing, directing and producing mother! through his own Protozoa Pictures along with Scott Franklin and Ari Handel. As you'd expect from the director who gave us Black Swan, the film looks uncomfortably chilling.

Egypt uncovers chamber of mummies
This era lasted about 600 years after the conquest of the country in 332 BC by Alexander the great. They have found 17 mummies in the catacombs of Minya province located at the south of Cairo.

Man wrestles massive 16-foot python
This is serious business, with thousands upon thousands of these pythons in the Everglades. Well, the sunshine state also has 16-foot pythons creeping around, NBD.

Mladenovic Ousts Kuznetsova to Set Halep Final in Madrid
However, Halep was improving all the time, and she broke again to level, and saved break point to hold for the lead, 6-5. The Frenchwoman will take on the reigning champion after overcoming world number nine Kuznetsova 6-4, 7-6 (4) on Friday.