Karlekha Biz Compliance Private Limited

22/07/2018

Here are all the key decisions taken today in the 28th GST Council meeting:

• Rates for 17 white goods including -- Washing machine, Refrigerators, TV, Video games, Vacuum cleaners, Trailers, Juicer mixer, Grinders, Shavers & Hair driers, water cooler, water heaters, Lithium iron batteries, electric iron -- cut by 10 per cent from 28 per cent to 18 per cent. GST rate of 18% will be applicable to TVs up to 68 cm (27 inch) in size
• Sanitary napkins to get cheaper as it has been put under exempted category. Napkins wer ..
Napkins were taxed at 12 per cent earlier.
• Simpler return filing process approved. Quarterly returns for business turnover up to Rs 5 crore instead of monthly filings. However, tax payment would be monthly. Nearly 93 per cent traders and small business will get benefited from this. Exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya, Sikkim, increased from Rs 10 lakh to 20 lakh
• Council has also approved simpler returns filing process.
• Hotels to be taxed on actual tariff basis not on declared tariff
• Rates on paints, wall putty and Varnish down to 18 per cent from 28 per cent
• Common-use foot wares Rs 1,000 to be taxed at 5 per cent
• Ethanol oil for oil companies to be taxed at 5 per cent in place of 18 per cent earlier
• GST rates for all leather items reduced to 18 per cent from 28 per cent
• GST rates cut to 18% for special purpose vehicles, work truck, trailers
• Rates on scents, toilet spray now under 18 per cent slab
• Marbles, stone and wood deities get exemption. Rakhis, fortified milk also exempted.
• No decision on sugar cess, to be decided in next meeting
• GST on bamboo flooring put under 12 per cent category
• Handicraft items to now be taxed at 12 per cent
• GST on handbags, jewellery box, wooden box for paintings, artware of glass, stone endeavour, ornamental framed mirrors, handmade lamps etc reduced to 12%
• Goods and Services Tax on imported urea reduced to 5%.

21/07/2018

Last Date to File ITR is 31st July 2018. File it Before Due Date to Avoid Late Fees upto ₹ 10,000/-

31/12/2017

May you step into the New Year with fresh dreams, new hopes and zeal to win. Happy New Year!

19/10/2017

06/10/2017

The Council also rationalized GST rates on 12 job work services:

# Job work services in relation to all products falling in Chapter 71 (including imitation jewellery) - 5%

# Job work services in relation to food and food products falling under Chapters 1 to 22 of the HS Code (except packing of processed milk into packets) - 5%

# Job work services in relation to products falling under Chapters 23 of the HS Code except dog and cat food put up for retail sale - 5%

# Job work in relation to manufacture of umbrella - 12%

# Job work in relation to manufacture of clay bricks falling under CTH 69010010 - 5%

# Services by way of printing on job work basis or on goods belonging to others in relation to printing of all goods falling under Chapter 48 or 49, which attract GST @ 5% or Nil - 5%

# Services by way of printing on job work basis or on goods belonging to others in relation to printing of all goods falling under Chapter 48 or 49, which attract GST @ 12% - 12%

# Services by way of printing on job work basis or on goods belonging to others in relation to printing of goods falling under Chapter 48 or 49, other than those covered by (6) and (7) above - 18%

# Services by way of printing in relation to printing of all goods falling under Chapter 48 or 49, which attract GST @ 5% or Nil, where only content is supplied by the publisher and the physical inputs including paper used for printing belong to the printer - 12%

# Services by way of printing of all goods falling under Chapter 48 or 49 which attract GST @12%, where only content is supplied by the publisher and the physical inputs including paper used for printing belong to the printer - 12%

# Services by way of printing of all goods falling under Chapter 48 or 49 which attract GST @18% or above, where only content is supplied by the publisher and the physical inputs including paper used for printing belong to the printer - 18%

# To issue a clarification with regard to classification of printing products/services.