The GST Council on Sunday lowered rates for many consumer items, school bags and cinema tickets below Rs 100 but left the much awaited revision on hybrid auto to be decided after considering comments from states on a discussion paper on the issue. As far as healthcare is considered, the GST Council reduced proposed tax on insulin used by diabetic patients to five per cent from the earlier 12 per cent, and on dental wax from 28 to 18 per cent.
Movie tickets - GST rate for movie tickets below Rs 100 reduced from 28 percent to 18 percent.
Giving reasons for lowering the tax rates, Jaitley said the objective was to maintain equivalence to the existing taxation level. E-way bill discussions are deferred to June 18 meeting, hope they defer this by six months and water down the provisions to avoid challenges.
The Council, which has till now fixed rates of more than 1200 goods and 500 services, is likely to discuss the GST rate for the telecom sector, which has been fixed at 18 percent. Similarly, to promote outsourcing in the employment-intensive sectors of textiles, leather, diamond processing and jewellery, the Council approved a rate of 5 per cent on job work.
Also, tax rates on cashew nuts have been cut to 5per cent from 12 per cent. Jaitley said the GST Council, the body that has finalised the new tax structure, had received requests for a change in tax slab for 133 commodities.
".And you are going to start GST from July 1".
Ex-Penn State Officials Sentenced in Jerry Sandusky Scandal
The sentencing ends the last criminal case in the Sandusky scandal, which broke in 2011 and led to the firing of Paterno. But in documents filed on the eve of the sentencing, they assailed the two men over their testimony at Spanier's trial.
The Centre on Sunday indicated that it was unwilling to lower the GST burden on hybrid cars, which face a 43% levy along with SUVs and other luxury cars, as it did not want mild hybrids to walk away with gains.
"Under the composition scheme, if trader you have to pay 1 per cent tax".
"We have tried to stick to revenue neutrality to the extent possible.but some (revenue) sacrifices have been made to reduce the burden on small traders, which are great job creators", Jaitley said. "The fact that is being presented (by the industry), according to the paper, is not correct", Jaitley told reporters.
Vishal Raheja, DGM, Taxmann R&D said: "One major decision taken was raising the threshold limit for Composition Scheme to Rs 75 lakh from Rs 50 lakh".
"The proceedings of the last GST Council meeting were approved and we received a large number of recommendations from various sectors of the economy".
Comments