Thursday, 23 November, 2017

Government launches 'GST Rates Finder' App To Know New Tax Rates

Mumbai city news India marches towards tax transparency: Modi
Rosalie Gross | 11 July, 2017, 01:59

The Congress will press for a reduction in tax rates and demand a cap of 18 per cent, besides seeking to bring petroleum, electricity and real estate under the new tax regime, the former finance minister told reporters.

The ministry said that the question arises as to what constitutes a gift.

The Union government has exempted the import of aircraft, aircraft engines and its parts via leasing route from the purview of the Goods and Services Tax (GST).

"The search can be made based on description of goods or services or HSN Chapter or section or heading number", the ministry said while adding that the launch of GST Rates Finder app would serve as a ready reckoner on GST rates.

With the GST created to increase the taxpayer base and bring more MSMEs into its scope, it would put some burden of compliance and associated costs to them, ASSOCHAM said. Gifts up to a value of Rs 50,000 per year by an employer to his employee are outside the ambit of GST.

Citing the taxation rules on cruise tourism in other countries, the Ministry informed that major cruising countries including UK, USA and Germany imposes a zero per cent tax rate on domestic cruises.

The mobile app was launched by Finance Minister Arun Jailtley. These services will not be subjected to GST provided appropriate GST was paid when procured by the employer.

"But if the supply is composite, which means that the goods can not be segregated or sold discreetly then the product with highest taxable rate will be considered and that would be the tax levied on the entire bundle", he informed.Zanwar also unravelled the process further and discussed about attractive schemes launched by the government. This app will determine GST rate for a good or a service by entering the name or chapter heading of the commodity or service.

"The GST regime will usher in lower taxes, seamless input tax credit, logistics savings and market share swings from unorganized to organised players", the statement added.

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