Monday, 09 December, 2019

GST Council may reconsider steep levy on hybrid cars next week

Mutual funds offload consumer discretionary stocks on GST concerns buy FMCG GST Council may reconsider steep levy on hybrid cars next week
Debra Rodriguez | 04 June, 2017, 06:01

Mumbai: The Maharashtra Assembly on Monday unanimously passed the State Goods and Services Tax ratification bill after hectic deliberations at a three-day special session of the state legislature.

Prior to the GST rates being announced, hybrid cars attracted an excise duty of 12.5 percent, similar to entry level small cars, 1 percent national calamity contingency duty, 2 percent sales tax, and 12.5 percent VAT tax, bringing the total tax incidence to 30.3 percent.

Proposed GST rate for smart phones is 12%.

Ministry of Finance has clarified that under GST, entertainment will attract lower rate of tax than the present rate.

Real estate sectoral body CREDAI has urged the state governments to do away with the stamp duty on landed property to eliminate multi-point taxation after the introduction of GST.

Under GST, the Entertainment Tax has been subsumed and hence only the taxes levied by a Panchayat or Municipality on entertainments and amusements will continue. "In number of discussions with government, we have stated the impact of such non-inclusion and higher tax rates which will further impact the overall financial health of the telecommunication industry", he added.

LeBron James unveils his plans to eventually own an National Basketball Association team
Then, the Nerdlucks possessed James Harden's talent, and Houston choked horrifically, losing Game 6 by 39 points at home. James, Irving, and Love helped Cleveland turn around their fortunes to become one of the best teams in the East again.

There will be lesser tax burden in case of medicaments, including ayurvedic, unani, and siddha, homeopathic or bio-chemic systems also.

As against this, the proposed GST rate on medicines, including ayurvedic medicines, is 12 per cent.

The GST Council has decided on product-wise tax rates for GST, which would be implemented nationwide from July 1.

Presently, the states levy entertainment tax on these services, the statement said. These levies add up to more than 29 per cent and with other taxes, the incidence is over 31 per cent, compared to the GST rate of 28 per cent.

In services, software services, that is development, design, programming, customization, adaptation, upgradation, enhancement, implementation of information technology software will attract 198 PER cent GST while Electronic supply of software will attract a tax of 12 per cent.

Worship materials including that required for "havan" will be under the nil category.

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