LATEST GST UPADTE
GST COUNCIL CUT RATES OF OVER 200 ITEMS..
* 23rd GST council on friday held in Guwahati, slashed tax over 200 items. The crucial point is that cutting out for more economical you get and for that 5%rate levied on that but without any input tax credit..
*Right now 3 tax rates category on restaurant :
AC Restaurant : 18%(with input tax.
Non AC. : 12%
*There were long discussion on topic of allowing input tax credit to restaurants.
Restaurants rate :
a) 7500rs per night 18%GST(ITC available)
b) below above rate. 5%GST(NO ITC)
*SMALL MEDUIM ENTERPRISE POINT OF VIEW :
The threshold limit of turnover increase 1.5crore from 1crore rs.
*Composition scheme for restaurant is 5%.
*Crucial point is that this scheme is also available for service sector who provide services up-to 5lacs.
*COMPANIES POINT OF VIEW :
a) turnover up-to 1.5crore : Allow to file quarterly return
b) GSTR 3B extended till 31-03-2018
*28% slab rate applicable on 50items from 227.
*18% slab rate from 28% applicable on 177items .
*On luxurious goods have highest tax including beverage, cigars, pan masala, tobacco, cement, perfumes, paints, dish washing machine, washing machine, refrigerator, cars, bike, aircraft, yacht, vacuum cleaners.
18% : (New lists) :
Furniture, mattress, trunk, suitcase, hairdryer, hair cream, makeup, fans, lamp, rubber tubes, microscope, cables.
18% : (cut rate from 28%):
Chocolate, coffee,marble,granite, custard powder, chewing gum, leather clothes, artificial far, sanity ware, deodront, washing powder, razors and Blades, batteries, goggles, water heater, watches, mattress..
12%(cut rate from 28%):
Armour vechile and for farm purpose wet grinders,printing ink, pasta, refined sugar, hand bags, spectacles, cane, bamboo, medical grade oxygen..
5%(cut rate from 18%):
Chutney powder, patotaes flour, rice chikla.
5%(cut rate from 12%):
Finished leather, warm clothes, idli dhosa, butter.
*Some dried vegetables, uncorked coconut shell, fish attreact 5% GST rate.