11/06/2017
GST updates!!!
16th GST Council meeting concludes!
1.Annual turnover threshold for purpose of availing composition scheme increased to Rs.75 lakhs from Rs.50 lakhs for traders, manufacturers and restaurants;
2.GST Council also approves Accounts & Records Rules;
3.FM Arun Jaitley states that out of the 133 representations from industry for reconsideration, GST Council has reduced the tax levels in 66 cases so as to maintain equivalence and also keeping in mind the change in utilization behavior;
4.Packaged food items including fruit and vegetable products which were to be taxed at 18% will now be charged at 12%,
5.a.cashew nuts from 12% to 5%,
5.b.school bags from 28% to 18%,
5.c.children’s colouring and drawing books will now attract ‘nil’ rate, while
5.d.certain tractor components & computer printers from 28% to 18%;
5.e.Cinema tickets above Rs. 100/- will continue to be taxed at 28% GST, but those below said amount will attract 18%,
5.f.Insulin taxable at 5%,
5.g. Job-workers related to textile, gems & jewellery sectors will be liable to 5%;
6.Next GST Council meeting to be held on June 18 to discuss issues relating to E-way bills and lottery !!
