Top News
GST Council removes 178 items from 28% slab, only 50 left (Lead)
Guwahati, Nov 10 (IANS) In a major revamp of the GST tax structure, the GST Council on Friday removed 178 items from the highest 28 per cent category while cutting the tax on all restaurants outside starred-hotels to 5 per cent but withdrawing input credit facility for them.
Only 50 products, including luxury and sin items, white goods, cement and paints, automobile, aeroplane and yacht parts have been retained in the top 28 per cent slab.
“The GST Council has decided to slash tax slabs of 178 items from 28 per cent to 18 per cent. It will be applicable from 15th of this month,” Union Finance Minister Arun Jaitley said while briefing media persons after the two-day meeting here.
West Bengal Finance Minister Amit Mitra earlier told reporters that the loss on account of a hasty and ill-designed GST had resulted in the exchequer losing around Rs 60,000 crore for the Centre and Rs 30,000 crore for the states in just the first three months.
With the latest decisions, GST has been cut on a host of consumer items such as chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks, marble and cosmetics.
Luxury goods such as washing machines and air conditioners have been retained at 28 per cent.
Among mass consumption items watches, blade, stove, mattresses have been reduced to 18 per cent from 28 per cent. Rate on pasta, jute and cotton hand bags has been cut to 12 per cent from 18 per cent.
“Thirteen items, which were earlier under 18 per cent, have been brought down to 12 per cent. Six goods have come down from the 18 per cent slab to five per cent, eight items have come down from 12 per cent to 5 per cent and six items from 5 per cent to zero tax,” Jaitley said.
Eating out has become cheaper as all restaurants outside high-end hotels charging over Rs 7,500 per room will uniformly levy GST of 5 per cent. The facility input tax credit for restaurants is, however, being withdrawn as they had not passed on this benefit to consumers, Jaitley said.
Restaurants in hotels with rooms above Rs 7,500 per day would continue to pay 18 per cent GST with the benefit of input credit.
The GST Council also made changes in return filing procedures to reduce the compliance burden for the small taxpayers. It decided that filing GSTR 3B would continuing till March 31, 2018.
“All taxpayers will continue to file GSTR 3B. In case of small tax payer or nil tax payments, 3B will be simplified so that in two or three steps one can easily file their return,” Finance Secretary Hasmukh Adhia told reporters.
“The Council also decided that for this fiscal only GSTR 1 will be filled and because we are running in a backlog — where we will file return for July only by December 11,” he said.
“For taxpayers above Rs 1.5 crore turnover and who have large number of invoices, we do not want to keep their returns pending for a quarter and instead they should file their invoices monthly,” he added.
Adhia also said a committee has been set up to examine simplifying the returns pertaining to purchase details that fall under GSTR 2 and invoice matching under GSTR 3.
The Council also decided that penalty for late filing for a ‘Nil’ tax payer would now be at Rs 20 per day from the earlier Rs 200, and for others it was cut to Rs 50 per day.
The Council deferred a decision on bringing real estate under GST to its next meeting, for lack of time.
–IANS
bc-ag/dg
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
