A Sigh Of Relief For MSMEs: GST Exe...
Just few days back, in the 31st meeting of GST Council, Government has reduced the GST rates on...
Recently the 22nd GST Council meet in New Delhi on 6th Oct 2017 has made several changes in existing GST Act, 2017 which is summarised as below on point basis. There is cut down in rates of around 27 items and 12 services. The key takeaways from GST Council meet based on press release are listed below:-
Month | Due Date |
July | 10th October |
August | 18th October |
S.
No. |
Chapter/
Heading/ Sub-heading/ Tariff item |
Description | Present GST Rate | GST Rate Recommended by the GST Council |
1. | 0804 | Mangoes sliced dried | 12% | 5% |
2. | 1905 or 2106 | Khakra and plain chapatti/roti | 12% | 5% |
3. | 19 or 21 | Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under any programme duly approved by any Govt. i.e. either Central Govt. or State Govt. | 18% | 5 % |
4. | 21 | Nankeens other than those which are put in unit containers and-
(a) bearing a registered brand name; or (b) Bearing a brand name on which an actionable claim or enforceable right in a court of law is available. |
12% | 5% |
5. | 2710 | Imposing the GST only on the net quantity of superior kerosene oil retained for the manufacture of Linear Alkyl Benzene | 18% | 18% |
6. | 30 | Ayurvedic, Unani, Siddha, Homeopathy medicines, other than those bearing a brand name | 12% | 5% |
7. | 3213 | Poster Colour | 28% | 18% |
8. | 3407 | Modelling paste for children amusement | 28% | 18% |
9. | 3915 | Plastic waste, parings or scrap | 18% | 5% |
10. | 4004 00 00 | Rubber waste, parings or scrap | 18% | 5% |
11. | 4017 00 20 | Hard Rubber waste or scrap | 28% | 5% |
12. | 4707 | Paper waste or scrap | 12% | 5% |
13. | 4907 | Duty credit scrip | 5% | Nil |
14. | 5401 | Sewing thread of man-made filaments, whether or not put up for retail sale | 18% | 12% |
15. | 5402, 5404, 5406 | All synthetic filament yarn like nylon, polyester, acrylic, etc. | 18% | 12% |
16. | 5403, 5405, 5406 | All artificial filament yarn, such as viscose rayon, Cuprammonium, | 18% | 12% |
17. | 5508 | Sewing thread of man-made staple fibers | 18% | 12% |
18. | 5509, 5510, 5511 | Yarn of man-made staple fibres | 18% | 12% |
19. | 5605 | Real Zari | 12% | 5% |
20. | 6802 | All goods falling under heading 6802 [other than those of marble and granite or those which attract 12% GST] | 28% | 18% |
21. | 7001 | Cullet, other waste, and scrap of Glass | 18% | 5% |
22. | 8305 | Fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles, of base metal; staples in strips of base metal | 28% | 18% |
23. | 8483 | Plain Shaft under chapter 8483 | 28% | 18% |
24. | 84 | Parts suitable for use solely or principally with fixed Speed Diesel Engines of power not exceeding 15HP | 28% | 18% |
25. | 84 or 85 | Parts suitable for use solely or principally with power driven pumps primarily designed for handling water, deep tube well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps. | 28% | 18% |
26. | 84 or 85 | E-Waste | 28%/ 18% | 5% |
27. | Any Chapter | Biomass briquettes | 18% | 5% |
S.No. | Description | Present applicable IGST rate | Recommended IGST rate |
1 | IGST exemption on imports of rigs imported for oil/gas exploration and production projects under lease, subject to some stipulated conditions that:
(i) Integrated tax leviable under section 5(1) of the IGST Act, 2017 on supply of service covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act, 2017; (ii) The rig is not sold without the prior permission of the Commissioner of Customs of the port on which goods are imported; (iii) To re-export the goods within 3 months from the expiry of the period for which they were supplied out of India; |
5% | Nil |
2 | Exemption of IGST on imports of medicines supplied free by the international agencies like UNICEF, WHO, Red Cross etc. | 12%/ 5% | Nil |
3 | A. Exemption from IGST on imports of bona fide gifts up to CIF value limit of Rs. 5000 imported through post or air. | 28% | Nil |