Reduction in GST rates on items including cinema tickets

Gift Council  announced a reduction in GST rates on 23 types of items including cinema tickets, TVs and monitors screens, marble grains and power banks, giving gifts to people on the new year. At the same time, only 28 items left in the 28 percent slab.


28 to 18 percent GST rates

1. TV-monitor screen (up to 32 inches)

2. Puli

3. Transmission soft and crank

4. Gear Box


5. Old and retired repeat retired tires

6. Power bank with lithium-ion batteries

7. Digital Cameras

8. Video Camera Recorder

9. Video Games

10. On the tickets of cinema 100 rupees, instead of 18 percent instead of 12 percent and Tickets above 100 rupees, instead of 28 percent, 18 percent GST will be available.

18 percent to 12 percent

11. Premium of third party insurance of vehicles used for freight

Accessories in the 5 percent GST scope

12. Marble grains

13. Natural Cork

14. hand rod

15. Blocks made of fly ash

16. Renewable energy plants and the goods they contain

17. Service of non-notified / charter flights circulated under bilateral arrangements for foreign pilgrims

18. Parts of vehicles of Divya vehicles

Goods out of the realm of GST


19. Music books

20. Vegetables (cooked in raw or boiled or chopped)

21. Frozen

22. Branded and packaged and vegetables (preserved through chemicals but unsuitable for direct eating)

23. Services provided by banks under Janshana Yojana

GSTR-3B Returns in GS, file by 20 November 2018

GSTR-3B Returns in GS, file by 20 November 2018


The traders have to file GSTR-3B and NRI till GSTR-5, GSTR-5A-20th November. 

If you have not yet made the GSTR-3B file of October then get alert. GSTR-3B Returns in GST All businessmen and traders have to file by 20 November 2018, i.e. the traders have 4 days left. 


These three returns have to be filed for traders having turnover of more than Rs 1.50 crore.

Big discounts to Small traders in the GST

Small traders can get big discounts in the GST, next week the center can announce


The government is making a mind to give tax relief to small businessmen under the GST. Promising to take further steps to overcome difficulties due to GST due to GST,  A committee of the Ministers of States has accepted most of his suggestions. 

The GST council announced last month some steps would be taken to overcome the difficulties faced by business units. The upcoming meeting of the GST Council is to be held in Guwahati on November 9-10.

GST NEWS , List of revised rates on 27 items and 12 services

The GST Council  announced big cuts in various taxes and exporters and small businesses, three months after the start of the new taxation system


There is widespread changes in the rules that have been battling technical problems on procedural irritation, delayed refunds and filing returns, to minimize the miserable nerves of millions of small enterprises and exporters.

The complete list of revised rates on 27 items and 12 services is given here.

1) Common chopped dry

Old rate: 12%
New rate: 5%

Advertising

2) Junk and plain bunch

Old rate: 12%
New rate: 5%

3) Under the program, for the purpose of free delivery to the financially vulnerable sections of the society approved by the program, Central Government or any State Government

Old rate: 18%
New rate: 5%

4) The unit is put in the container and, other than Namkeens -

> Bearing a registered brand name; Or

> A brand name on which a claim to be executed or enforceable rights in a court of law is available [other those who have been rightfully voluntarily applied to any actionable claim or such brand name as applicable. Compared to the effect

Old rate: 12%
New rate: 5%

5) Maintained for the production of Linear Alkelee Benzene [LAB] for the implementation of GST on the good amount of improved Kerosene Oil [SKO]

Old rate: 18%
New rate: 18% (for clarification issued)

6) Ayurvedic, Greek, Siddha, Homoeopathic medicines, which are about to give brand names

Old rate: 12%
New rate: 5%

7) Color of the poster

Old rate: 28%
New rate: 18%

8) Modeling paste for children's entertainment

Old rate: 28%
New rate: 18%

9) Plastic waste, rods or scraps

Old rate: 18%
New rate: 5%

10) Rubber Garbage, Cloakroom or Scrap

Old rate: 18%
New rate: 5%

11) Hard rubber trash or scrap

Old rate: 28%
New rate: 5%

12) Paper Waste or Scrap

Old rate: 12%
New rate: 5%

13) Duty Credit Scripps

Old rate: 5%
New rate: zero

14) The sewing thread of man-made fibers, whether ready to retail or not

Old rate: 18%
New rate: 12%

15) All synthetic filament yarns, such as nylon, polyester, acrylic etc.

Old rate: 18%
New rate: 12%

16) All artificial filament yarns, such as Viscose Ryan, Kaprammon,

Old rate: 18%
New rate: 12%

17) Sewing threads of man-made staple fiber

Old rate: 18%
New rate: 12%

18) Yarn of man-made staple fiber

Old rate: 18%
New rate: 12%

19) Real release

Old rate: 12%
New rate: 5%

20) All the accessories fall under the top of 6802 [except for those attracting marble and granite or 12 percent GST]

Old rate: 28%
New rate: 18%

21) Ballast or other trash or glass scrap

Old rate: 18%
New rate: 5%

22) Fitting for loose leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles of original metal; Base metal strips (for example, for offices, upholstery, packaging)

Old rate: 28%
New rate: 18%

23) Simple hand bearing 8483

Old rate: 28%
New rate: 18%

24) only suitable for the use of fixed speed diesel engine of power not more than 15 HP only

Old rate: 28%
New rate: 18%

25) is fully suitable for use or parts with main power driven pumps have been prepared mainly for dealing with water, namely, centrifugal pumps (horizontal and vertical), deep tube well turbine pump, submarine Pumps, axial flow and mixed flow vertical pump

Old rate: 28%
New rate: 18%

26) E-West

Old rate: 28/18%
New rate: 5%

27) Biomass briquettes

Old rate: 18%
New rate: 5%

Council also made GST rates rational on the work of 12 jobs:

# Job-related services in relation to all products falling in Chapter 71 (including counterfeit jewelery) - 5%

# Job service services (excluding processed milk packing in packets) in relation to food and food products under Chapter 1 to 22 of HS codes - 5%

# Job services related to products falling under Chapter 23 of HS codes, excluding dogs and cat food for retail sale - 5%

# Job related to the construction of the umbrella - 12%

# Job related work for the construction of clay bricks falling under CT 69010010 - 5%

5% - On the basis of work work or printing services on items related to others in relation to the printing of all items falling under Chapter 48 or 49 who attract GST @ 5% or zero, # Services through printing

# Services through printing on items related to other people related to the printing of all goods coming on the basis of work or chapter 48 or 49, which are 12% to 12% - 12%

Small cars NOW affordable, GST rated over 30 items

Important decisions were taken at the 21st meeting of the GST Council headed by Union Finance Minister Arun Jaitley in Hyderabad.


After the decisions taken in the meeting, people of middle income group and low income group will benefit.

On the one hand, with the middle class as well as luxury and sports utility vehicles (SUV) cars will become expensive after the decision.

On the other hand, small and hybrid cars have been exempted from this increase. Which will make these cars cheaper

Along with sun-light plastic raincoat rubber band broom Italy / Dosa Batter to daily use in kitchen utensils such as gas lighter

The decision to reduce the GST rate on 30 items was also taken in this meeting.

HOW TO CLASSIFY THE GOODS /SERVICES UNDER GST REGIME

Q How will the goods and services be classified under GST regime? 


Ans. HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2 digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4 digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices. Services will be classified as per the Services Accounting Code (SAC)

The right of the CGST/SGST officer

Q Can a CGST/SGST officer access business premises under any other circumstances? 

Ans. Yes. Access can also be obtained in terms of Section 64 of MGL. This provision of law is meant to allow an audit party of CGST/SGST or C&AG or a cost accountant or chartered accountant nominated under section 50 of CGST/SGST Act, access to any business premises without issuance of a search warrant for the purposes of carrying out any audit, scrutiny, verification and checks as may be necessary to safeguard the interest of revenue. 

However, a written authorization is to be issued by an officer of the rank of Additional/Joint Commissioner of CGST or SGST. This provision facilitates access to a business premise which is not registered by a taxable person as a principal or additional place of business but has books of accounts, documents, computers etc. which are required for audit or verification of accounts of a taxable person.