It is a subversive move for the Goods and Services Tax (GST) council that had been approved by the last two remaining draft bills for State Goods and Services Tax (SGST) as well as Union Territory has the Goods and Services Tax (UTGST) and that are restricted on cigarettes (290%), aerated drinks (15%) and luxury automobiles (15%).
According to GST Registration in Bangalore, as we are Sliding an inch closer, the council cleared the remaining two GST bills which help implement the biggest tax helps to reform the country moving its way into the state and parliament legislative bodies. The council has approved these two bills is being made deemed as a landmark development in the country’s exhaustive journey by implementing a unified tax system, according to experts.
The council has also approved to limit cess on demerit (and luxury or sin) merchandise. There are newly introduced cess rates are as follows:
For automobiles and aerated drinks (colas), the cess has been limited to 15% than that the total tax on cars and sweetened beverages should go beyond 43% (28% cess + 15% cess).
As we see in the case of cigarettes and other tobacco products, the cess can be either 290% or 4,170 INR per 1000 sticks or a combination of both.
Interestingly, these newly introduced cess rates are just for the qualifying provision, since the actual tax rates could be reduced, and the decision rests solely on the GST council.
In GST Registration Consultants in Bangalore, the GST council has also decided to introduce a qualifying provision for the cess rates on all automobiles and just not on luxury automobiles. This tells us that the council could decide to levy cess on non-luxury automobiles as well at an upcoming date, which can be over and above the 28% tax rate.
For the goods produced in SEZ (special economic zones), the council has made the decision to levy tax rates that are similar for the exports. Procurement of goods by SEZs could be zero-rated, whereas, in the previous draft, SEZs were required to pay the tax first before claiming the refund.
As per GST Services in Bangalore the “In the previous meetings, the GST council had already cleared bills for each state compensation (for revenue loss that would occur while the transition to GST reform), Integrated GST (IGST) and central GST (CGST),”
Bottom Line:
In GST Registration Services in Bangalore Industry and tax experts have an opinion that the government should quickly release that all the approved GST tax rates and other slabs along with updated schedules and rules in order for businesses to evaluate the final impact of GST tax reform and make an alignment for the critical business processes around it.
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