The Independent.in – News, Breaking News, International News

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.

The true light is that of knowledge and information. We are a group of informed citizens, some are journalists by profession, who are here to share our opinion and take of world. While we know we are not always right, we always try to have a perspective that is backed by first hand information. We would love to hear from you on how we can do better, just post your comments on any of the articles that you think can be improved.

Copyright © 2020 The Independent.in

To Top