GST Rates for Goods and Services has been approved by GST Council

GST Rates for Goods and Services has been approved by GST Council

May 26, 2017 FISCAL 0

GST Council has hold its 14th meeting in Srinagar on 18.05.2017 and 19.05.2017. In the meeting GST council has approved Seven GST rules relating to Registration, Invoice, Valuation, Input tax Credit, Payment, Refund and Composition.

GST Council has broadly approved the GST rates for goods for about 1211 items along with the GST rates for services at nil rate, 5%, 12%, 18% and 28%. The Council has also approved the GST Rate Schedule for Services to be taxed under Reverse Charge along with the rates of GST Compensation Cess to be levied on certain goods.

However the rate structure for the following commodities are yet to be decided –

  1. Biri wrapper leaves (tendu patta) – Ch. 14
  2. Biscuits – Ch.19
  3. Biris – Ch. 24
  4. Textiles – Ch. 50 to 63
  5. Footwear – Ch. 64
  6. Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin – Ch. 71
  7. Power driven Agricultural, horticultural, forestry, poultry keeping or bee-keeping machinery, Harvesting or threshing machinery, machines for cleaning, sorting or grading, machinery used in milling industry and parts thereof [8432, 8433, 8436 and 8437].

Source: Central Board of Excise & Customs

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