The long awaited GST (Good and Services Tax) will apply from the 1stjuly, is hailed as India’s biggest tax overhaul since independence in 1947.it would be a major milestone in the growth of the country. It transforms Asia’s third largest economy into a single market with replacement of central and state levels.
This new system drafting rules related to the tax that help businesses to upgrade their infrastructure for filing tax returns. This new taxation policy provides less prices to the general public for daily consumption items.
“The move will benefit the consumer at large as they will pay less. Free movement of good will ensure easy availability and keep prices under check”, Consumer Affairs Minister Ram Villas Paswan said according to PTI report.
The meeting of GST council is headed by Union Finance Minister Arun Jaitley of two days. On the first day the meeting, a panel of central and state finance ministers fixed the rates for over 1200 items under the Good and Services tax.
Under this new policy, Tax rates, standardized between12 to18 percentages. Revenue Secretary Hasmukh Adhia said, 5% tax on some items like coffee and edible oil. Coal is taxed at 5% along with a levy on Rs.400/tone. The commonly use hair oil, toothpaste and soaps will charged with a single national sales tax of 18%. Other items like gold and other item rates will decide on Friday.
This tax policy is accepted by several industries like Deloitte Hawkins & Sells LLP, an FMCG firm like Dabur and Emami.
“It appears that the rate will benefit us and industry, but we need to understand GST (rates) in entirety to comment on the subject.” Emami CEO.
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