Friday, 20 October, 2017

CAIT urges review of GST rates for mass consumption categories

Printers GST Representational Image
Debra Rodriguez | 21 June, 2017, 01:15

No tax will be imposed on items like Jute, fresh meat, fish, chicken, eggs, milk, buttermilk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi, sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, hotels and lodges with tariff below Rs 1,000. "GST will help India in achieving 9 per cent growth rate", Kant said at an event here.

Krish Iyer, President & CEO, Walmart India, said, "GST is not just a tax reform, it is a whole new way of doing business".

With so many items in the tax list and multiple tax slabs, it can be quite hard to keep a track of what tax rate which item will be levied with, so here's a breakdown of the important items in various tax slabs.

"The Finance Ministry immediately needs to clarify anomaly in tax slabs in printers, projector and printers. The rise in price did encourage destocking in some markets, but purchases have been slow", said Cameron Alexander, an analyst with Thomson Reuters-owned metals consultancy GFMS.Dealers in India, the second-biggest gold consumer, were offering a discount of up to $3.5 an ounce this week over official domestic prices, the highest since the last week of December.Last week, they were offering a discount of $1 an ounce. The government has proposed 18 per cent GST rate on printing machinery used for printing by means of plates, cylinders and other printing components of heading, other printers, copying machines and facsimile machines, whether or not combined, parts and accessories.

As per the current tax norms, the taxes on printers are close to 18 per cent.

"While gold consumers will face a slightly higher tax rate and the industry will go through a period of adjustment, we see the net impact on the gold industry as being positive", it added.

With goods and Service Tax (GST) coming into effect, India's gold demand is likely to touch 650-750 tonne in 2017 and jump to 850-950 tonne in next three years, World Gold Council said.

"Hence, we request for clarification on the tax slabs and would urge the government to keep the tax at 18 per cent in line with the existing structure", HP India Senior Director for Printing Systems, Raj Kumar Rishi said.

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