Threshold limit for reg is 40 lakh instead of 10 lakh. now, the person can furnish their return quarterly. bt the person opting for quarterly filing of returns need to pay tax monthly.
Basic household items like toothpaste and hair oil, which currently attract 28% tax, will be taxed at 18% only.Sweets will also be taxable at 5%.Tax rates on coal has also been reduced from 11.69% to just 5% in order to relieve the pressure on power industries.
As per the Press released after 37 GST Council , Meeting .:
1. To reduce rate of GST on outdoor catering services other than in premises having daily
tariff of unit of accommodation of Rs 7501 from present 18% with ITC to 5% without ITC.
The rate shall be mandatory for all kinds of catering. Catering in premises with daily tariff
of unit of accommodation is Rs 7501 and above shall remain at 18% with ITC.
Job work service:
2. To reduce rate of GST from 5% to 1.5% on supply of job work services in relation to
diamonds.
3. To reduce rate of GST from 18% to 12% on supply of machine job work such as in
engineering industry, except supply of job work in relation to bus body building which
would remain at 18%.
Exemption sector wise:
Warehousing:
4. To exempt prospectively services by way of storage or warehousing of cereals, pulses,
fruits, nuts and vegetables, spices, copra, sugarcane, jaggery, raw vegetable fibres such as
cotton, flax, jute etc., indigo, unmanufactured tobacco, betel leaves, tendu leaves, rice,
coffee and tea.
Transportation:
5. To increase the validity of conditional exemption of GST on export freight by air or sea by
another year, i.e. till 30.09.2020.
Note : ABOVE WILL EFFECTIVE ONLY WHEN NOTIFIED BY THE COUNCIL BY ISSUING NOTIFICATION.
Leave a Reply
Your are not logged in . Please login to post replies