The GST Council has approved constitution of 18 Sectoral Groups representing various sectors of the economy with the following objectives - 1. Interact and examine representations received from trade and industry associations/bodies of their respective sectors, 2. Highlight specific issues for smooth transition of the sector to the GST regime and 3. Prepare sector-specific draft … Continue reading The GST Council has approved constitution of 18 Sectoral Groups
Day: June 12, 2017
Revised GST Rate For Certain Goods (11 June 2017)
S. No. Chapter / Heading / Sub- heading / Tariff item Description of goods Revised GST Rate Earlier GST Rate 1. 0506, 0507 90 Bones and horn cores, bone grist, bone meal, etc.; hoof meal, horn meal, etc. 0% 5% 2. 0801 Cashew nut 5% 12% 3. 0801 Cashew nut in shell 5% [under reverse … Continue reading Revised GST Rate For Certain Goods (11 June 2017)
REVISED THRESHOLD LIMIT FOR COMPOSITION LEVY
As per discussions in the 16th GST Council Meeting held on 11th June, 2017 Sub section (1) of section 10read with sub-section (2)of the same section of the Central Goods and Services Tax Act, 2017 [CGST Act] provides that an eligible registered person,whose aggregate turnover in the preceding financial year did not exceed Rs.50 lakh, … Continue reading REVISED THRESHOLD LIMIT FOR COMPOSITION LEVY
