Business

GST tax rates revised – again!

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in a group photograph during the 23rd GST Council meeting, at Guwahati on November 10, 2017.
The Minister of State for Finance, Shri Shiv Pratap Shukla and the Finance Secretary, Dr. Hasmukh Adhia are also seen.

Today Union Finance Minister Arun Jaitley announced change of goods between tax slabs of GST. Now only 50 items will remain in the highest tax slab of 28 percent. Some with 178 others items have been moved from 20 percent tax slab to 18 per cent bracket effective November 15. Additionally 6 Items Moved From 18% Slab To 5% Slab, 8 Items Moved From 12% Slab To 5% Slab, 6 Items Moved From 5% Tax Bracket To ‘Nil’.
In other decisions, exports of services to Nepal and Bhutan which are already exempted from GST, It has now been decided that such exporters will also be eligible for claiming Input Tax Creditin respect of goods or services used for effecting such exempt supply of servicesto Nepal and Bhutan.
While the tax exemptions have been made, it is third big change to Indian tax structures in as money months. The repeated meddling of taxation is causing much confusion between the tax payers who are finding it difficult to get used to GST as a way of business.


As apparent with the tweet above, GST still remains a work in progress, as such its promised delivery remains way below its potential.

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