The council revised rates on 66 items such as pickles, sauces, fruit preserves, insulin, cashew nuts, insulin, school bags, colouring books etc.

Under the Goods and Services Tax (GST), traders, manufacturers and restaurants or Dhabas, who are doing business up to Rs 75 lakh per annum, can avoid flat GSTs by making flat GST of 1 to 5 percent and offering long-range returns and books. In the 16th meeting of the GST Council on Sunday, the scope of composition scheme has been increased from 50 lakh to 75 lakh rupees for such businessmen.

The indirect tax structure on cement has always been a subject matter of discussion amongst industry members, Government officials and tax experts.

GST Council had last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28%.

The GST Council had last month fitted over 1,200 goods and 500 services in the four tax brackets of 5, 12, 18 and 28 percent.

As we all know that implementation of GST would undoubtedly impact one’s personal finances especially when it comes to financial services.

Arun Jaitley said that GST to be enacted in over a month, will not only check evasions but also help India to evolve as a more tax-compliant society.

GST regime will roll out from July 1, apartment owners have to pay about 2.5% additional tax on maintenance charges. That tax is applicable on flat owners who pay a maintenance charge of above Rs 5,000, excluding property tax, stamp duty, and electricity and water charges.

The Goods and Services Tax (GST) Council on Thursday fixed tax rates on 1211 items.

Prime Minister Narendra Modi can keep the words of the new Goods and Services Tax (GST) in front of the world with emphasis on Germany, Russia and the United States.

Transactions fees of financial services become more expensive after government may put 18% tax in the new (GST) regime.

GST Council has fixed a tax slab while stepping in to implement the new tax system. Probably, with the Goods and Services Tax to be implemented from July 1, the rates are currently set to 1,211 items. Most of these items are kept under 18% slab. Learn about which items will be charged. No taxes will be charged on these items.

With the introduction of Goods and Services Tax (GST) in July, many opportunities for gold trade can open in the country. India is the second largest consumer of gold in the world.

The process of implementing the ‘biggest economic recovery’ of GST from July 1 is going on fast. Even though the Central and State Governments are welcoming GST openly, they have kept around one-third of the revenues out of the realm of GST, so that consumers can not get the benefits of cheap goods and services.

The ratification of the newly introduced bill in state assemblies across the country is crucial for rolling out of the new pan-India indirect tax regime.