In the 22nd GST Council meeting, few important recommendations were offered for different industries which also included petroleum and oil sector. The proposal was to map a Goods and Services Tax (GST) structure, wherein petrol and oil will be inclusive of GST which are as under: Works contract services away from the shore and associated services relating … Continue reading “Petroleum and Oil sector soon to be Inclusive of GST”

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

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.

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

Two slabs for services under GST, such as transport facing a lower levy compared to the 18% tax on several services

After having opted for multiple rates under the upcoming goods and services tax (GST) regime, India is now looking to keep variations in rates on the same types of products at a minimum to ensure that the tax structure does not get any more complicated.