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Cus - Export of non-basmati rice - Notification 20/2023 insofar as it denies the benefit of the transitional arrangement as contained in para-1.05 of the FTP 2023, is bad in law: HCCus - Refund of SAD - 102/2007-Cus - Areca Nut and Supari are one and the same - Objections with regard to name, nature and status of importer or buyers or the end use of goods purchased by them etc. are extraneous: HCCX - Interest on Refund - Since wrong order annexed by petitioner in paper book, Bench is unable to proceed further - Petition is dismissed with liberty to file a fresh one: HCGST - No E-way bill - When petitioner imports machinery and after Customs clearance, transports same to his own factory, it cannot be said that such a transportation would fall within the definition of term 'supply' - Penalty imposable under second limb of s.129(1)(a): HCGST - Fix responsibility on officers who allowed BG to lapse - Petitioner not justified in not renewing BG - Cost of Rs.15 lacs imposed, to be paid to PM Cares Fund: HCGST - Since the parties agree that petition can be disposed of on the basis of records available before Appellate Authority, petitioner is directed to enclose all documents filed before Appellate Authority in a compilation, in form of a paper book: HCWrong RoadST - Whether any service is used for personal consumption or not is certainly question of fact and being question of fact, no substantial question of law arises: HCGovt proposes to amend Geographical Indication of Goods Rules; Draft issued for feedbackST - If what has been paid as tax is without authority of law, Revenue should refund the same - Denial of credit would result in the whole exercise being tax neutral: HCWarehousing Authority notifies several agri goods to be stored in only registered warehousesST - Even if the petitioner may have a case on merits, it is best left to be decided by the Appellate Authority under the hierarchy prescribed under the FA, 1994: HCUS FDA okays Eli Lilly Alzheimer’s drugGST - Petitioner challenges jurisdiction of assessing officer - Petitioner is entitled to file an appeal u/s 107 by availing an alternate efficacious remedy: HCFive from Telangana killed in car accident on Pune-Solapur HighwayGST - Existence of an alternative remedy is a material consideration but not a bar to the exercise of jurisdiction: HCHush money case against Donald Trump - Sentencing deferred to Sept 18GST - It is open to a trader to take goods by whichever route he opts, unless the law otherwise requires, destination point being intact: HCDeadly hurricane Beryl smashes properties in JamaicaGST - Conclusion that taxable person is providing a service to supplier while taking the benefit of a discount by facilitating an increase in the volume of sales of such supplier is ex facie erroneous and contrary to the fundamental tenets of GST law: HCIsrael claims 900 militants killed in Rafah since May monthGST - Order expressly records that personal hearing notice was returned with endorsement 'no such person at address' - Since petitioner has shifted to a new premises, it is just and necessary to provide an opportunity to contest demand: HC116 die in stampede at UP ’Satsang’I-T- Application for revision of order dismissed in limine on grounds of delay; case remanded for re-consideration: HCWe are deepening economic ties with India, says US officialI-T- As per Section 119(2)(b), power to condone applications relate to claims for amount exceeding Rs 50 lakhs are to be considered by CBDT; however it is impermissible for CBDT to pass order on merits: HC8 Dutch engineers build world’s longest bicycle - 180 feet, 11 inchesI-T- Additions framed u/s 68 for unexplained income & u/s 69 for unexplained expenditure not tenable where complete transactional details are furnished & not doubted: HCRailways earns Rs 14798 Crore from Freight loading in June monthI-T- Delay in filing ITR is per se insufficient reason to estimate assessee's profit @15% on turnover, more so where audited financial report is filed in timely manner: ITATMoD inks MoU to set up testing facilities in Unmanned Aerial System in TN Defence Industrial CorridorI-T- For invoking section 69A, assessee should be found to be owner of any money, bullion, jewellery or other valuable article & which is not recorded in the books of account: ITATGovt proposes Guidelines for ethical approach to Coal MiningI-T- TDS credit can be allowed based on AIS, where details pertaining to TDS, advance tax & other payments are reflected in Form 26AS: ITATVaishnaw to inaugurate Global IndiaAI Summit 2024I-T- Lending money with the primary intention of earning interest can be considered a business activity, but nature and manner of lending, as well as the frequency, should be taken into account: ITAT
 
GST Rates- A quick look!

MAY 19, 2017

By Prabhat Ranjan, CA

THE most popular questions about GST were (1) Date of GST and (2) Rates under GST. Out of the two, on 18th May 2017 i.e. first day of the two days scheduled meeting of the GST council in Srinagar under the chairmanship of Shri Arun Jaitley, the council agreed on the fitment of almost 12,000 commodities in the various tax slabs under the new Indirect Tax regime which seems to be a reality roll on 1st July 2017.

Also the Council cleared GST rules pertaining to composition scheme, valuation, input tax credit, invoice, payment, refund and registration, along with relevant forms and formats.

The Council also finalized the rate of Compensation Cess on various goods. GST rates for the balance goods, which include biscuits, textile, footwear, Jewellery, precious metals etc. are expected to be discussed and finalized today i.e. 19th May 2017. The Council will also finalize the rate of GST on services and the list of exemptions on 19th May 2017.

Interesting to note that out of the total items for which rates are finalized on 18th May, approx. 81% of the items attract GST rate of 18% or less and balance 19% attract @ 28%.

However, the Council has ensured that a common person right from the moment he starts his day and ends with it spends GST @ 18% or 28%.

Nonetheless, the Finance Minister indicated that the Council has attempted to keep the tax burden at the minimum on the mass consumption items. Some of the key highlights of the rate fitment are as below:

Sr. No.

Key Header

Chapter of GST Rate Schedule

0%

5%

12%

18%

28%

1

Dairy Products

Chapter 4

Fresh milk and pasteurised milk, Butter Milk, Curd, Lassi, Chena or paneer

-

Cheese and Ghee

-

 

2

Vegetables

Chapter 7 & 8

Fresh Vegetable

Frozen vegetables

Dry Fruits

   

3

Tea and Coffee

Chapter 9

Coffee beans and unprocessed green leaves

Tea, Coffee

     

4

Cocoa

Chapter 18

Cocoa beans, shells, husks etc.

      

Cocoa powder, butter

5

Cereals and Milk Products

Chapter 19

Bread

Pizza Bread

 

Infant use preparations like milk powder for infants commonly known as "IMF category", corn flakes etc.

 

6

Fruit / vegetable juices

Chapter 20

   

All fruit and vegetable juices

   

7

Miscl Edible preparation

Chapter 21

   

Namkeens, Bhujia, mixture etc.

Tea bags, sauces, soups, ice creams, instant food mixes, diabetic foods, soft drink concentrates supari etc.

Protein concentrates, compound preparations for making non-alcoholic beverages.

8

Waters and beverages

       

Mineral and aerated water

Aerated water containing added sugar i.e. soft -drinks

9

Tobacco

Chapter 24

 

Tobacco leaves

   

Tobacco

10

Salt and Cement

Chapter 25

Salt

     

Cement

11

Gases

Chapter 27

 

LPG, Kerosene

Bio-Gas

   

12

Pharma Products

Chapter 30

Contraceptives

Life-saving drugs and formulations [covered under List 1, 3 and 4 of Notification No. 12/2012 - Customs (dated 17th March 2012)

All other medicines (including Ayurvedic, Unani and Homeopathy)

   

13

Fertilisers

Chapter 31

Organic Manure

       

14

Paints

Chapter 32

       

Paints

15

Cosmetics

Chapter 33

Kumkum, Bindi, Sindur, Alta

 

Tooth-powder

Hair Oil, Tooth-paste

Perfumes, other cosmetics including Shampoo, creams etc.

16

X-Ray films

Chapter 37

   

X-ray films for medical use

Other uses

 

17

Printing Materials

Chapter 49

Newspapers, Journals whether or not containing advertisement

Brochures, leaflets

Plans and Drawings

   

18

Irons and Steel

Chapter 72

      

All goods

 

19

Medical and Surgical Instruments

Chapter 90

 

Coronary Stents with cardiac catheters

Blood Glucose Monitoring system (Glucometers) and test strips.

   

Does the declaration of rates on the first day of the Council meet signal that GST is just round the corner to be rolled-out from July 1 2017 and September may remain as a myth? Indeed an interesting and challenging time ahead!!

(The author is a Chartered Accountant & Company Secretary and works with a leading Pharma company and the views expressed in this article are strictly his personal views)

 

GST Rollout | simply inTAXicating

GST RO(W)AD AHEAD | Episode 8 | Panel Discussion | simply inTAXicating

GST RO(W)AD AHEAD | Episode 7 | Panel Discussion | simply inTAXicating

Also See : TIOL TUBE Videos on GST

 

(DISCLAIMER : The views expressed are strictly of the author and Taxindiaonline.com doesn't necessarily subscribe to the same. Taxindiaonline.com Pvt. Ltd. is not responsible or liable for any loss or damage caused to anyone due to any interpretation, error, omission in the articles being hosted on the site)

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