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News and Notice
 
Official launch of Goods & Services Tax

At midnight on June 30, the historic Central Hall of Parliament witnessed the launch of the Goods and Services Tax (GST). The event was attended by many well-known figures, from veteran actor Amitabh Bachchan to industry doyen Ratan Tata.

President Pranab Mukherjee along with Prime Minister Narendra Modi officially launched the Bill in Central Hall of Parliament.
GST Rates Structure

A four-tier GST tax structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was declared by the all-powerful GST Council. Essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. The tax structure for common-use goods are as under:

0% Tax on Goods: No tax will be imposed on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc.

0% Tax on Services: Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST.

3% Tax on Gold

5% Tax on Goods: Items such as spices, sweets, fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 %,

5% Tax on Services: Transport services (Railways, air transport), small restraurants will be under the 5% category .

12% Tax on Goods: frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cellphones will be under 12 % tax slab.

12% Tax on Services: AC hotels, business class air ticket, fertilisers, Work Contracts will fall under 12 per cent GST tax slab.

18% Tax on Goods: Most items are under this tax slab which include flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, computer and printers.

18% Tax on Services: C hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST.

28% Tax on Goods: Cars (+ cess), chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, will attract 28 % tax - the highest under GST.

28% Tax on Services: 5-star hotels, race club betting, cinema will attract tax 28 per cent tax slab under GST.
GST Bill passed by Rajya Sabha

The Rajya Sabha on 6th April, 2017 passed four supplementary legislations which will enable the government to rollout the landmark Goods and Services Tax Bill on July 1.

The four Bills are the Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017.

The Lok Sabha last month had approved the Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Compensation to states law.

Soon after GST bills were passed in the upper house of the Parliament, Finance Minister Mr. Arun Jaitley expressed his happiness on consensus over the bills.

He said "On 17-18 May we will give final approval to rules and rates; looks like it can be implemented from July 1"
New Income Tax Slab for Financial Year 2018-2019

Finance Minister Arun Jaitley reduced the rate of taxation from the existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakh to Rs 5 lakh. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability.
Tax Rebate u/s 87A

Rebate under Section 87A: Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed. While the taxation liability of people with income upto Rs 5 lakhs will be reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500/- per tax assessee.
Surcharge on Income Tax - Latest Rate

If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will be levied. 15% surcharge on income tax if the total income is over and above Rs 1 cr.
Tax on Long Term Capital Gain - Budget 2017

Holding period for Long term capital gain for all immovable properties has been reduced to 2 years from 3 year. The base year for calculation of Indexation is going to be 2001.
Changes in Corporate Tax - Budget 2017

Turnover of Companies upto 50 crores Tax will be 25 percent instead of 30 percent.
GST Enrollment Notice

All the existing dealers under the WBVAT Act, 2003 are requested to update mobile no. and email id of their own through 'Dealers Profile' using the link https://egov.wbcomtax.gov.in/DealerProfile by 10/11/2016 for the purpose of registration under the GST Act.