India’s most comprehensive indirect tax reform the goods and services tax (GST) is inching towards a July 1 rollout with the GST Council cutting the rate on household goods and other essential items, raising the threshold for the scheme that requires lesser compliance and approving another key set of rules relating to audit and accounts.
At its meeting in New Delhi, the council revised rates on 66 items such as pickles, sauces, fruit preserves, insulin, cashew nuts, insulin, school bags, coloring books, notebooks, printers, cutlery, agarbattis and cinema tickets, following representations from industry.
Restaurants, manufacturers and traders having a turnover of up to Rs 75 lakh can avail of the composition scheme with lower rates of 5%, 2%, and 1%, respectively, with lower compliance, against Rs 50 lakh previously. A GST rate of 5% will be applicable on outsourcing of manufacturing or job work in textiles and the gems and jewelry sector. Bleaching and cleaning of human hair, a big industry in Midnapore, will not face any tax.
Takeaways from above News-
- GST Council is Headed by Finance Minister of India Mr. Arun Jaitley.
Source- The Economic Times