GST Soup - Sweet 'n Sour
The Finapolis|June 2017

While the government has announced the rates, they are yet to be notified, say experts

S Vijaykrishnan
GST Soup - Sweet 'n Sour

The wait is finally over and the cat is out of the bag. In its meeting in Srinagar over May 18-19, the GST Council finally announced the complete list of tax rates for about 98 categories of (1,211) goods and about 35 categories of goods. Note that rates have been ‘announced’ and not ‘notified’, say experts. “There is still a window period for bodies/ industries to make representations for alterations in rates, said Saurabh Gupta, CA, Gupta Saurabh & Co. While a majority of goods have been placed under the 18% category, though rates for certain items such as gold, beedi remain undecided. For services too, the government adopted a 4-slab rate structure of 5%, 12%, 18% and 28% across almost 35 categories.

However, no consensus could be reached on the rate to apply on six categories of goods including gold as well as beedi. The Council will meet again on June 3 in New Delhi for a decision in this regard. At the meet, some the current rates could also be relooked at.

The announcement of rates brings India a step closer to the final implementation of the Goods and Services Tax (GST) by July 1. What is heartening for the aam aadmi is that 81% of items will be taxed at 18% or below, while only 19% of items will be taxed at 28% and above. Similarly, in case of services, while 35 categories have been taxed under either of the above slabs, all other services ‘not specified elsewhere’ have been taxed at 18% with full input tax credit.

“On many commodities there would be reduction (in prices) because of the cascading effect, but we are banking on the hope that because of a better tax system and less evasion there would be tax buoyancy,” finance minister Arun Jaitley said.

Changes in the section Rate Card

Bu hikaye The Finapolis dergisinin June 2017 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye The Finapolis dergisinin June 2017 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

THE FINAPOLIS DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
7 Ways to Prevent Text Neck
The Finapolis

7 Ways to Prevent Text Neck

Our head is heavier at an angle than it is at a neutral position. That means our increasing usage of smartphones for reading, texting, etc is putting undue pressure on our spine

time-read
3 dak  |
September 2016
How To Take Your Networking To Next Level
The Finapolis

How To Take Your Networking To Next Level

Networking is one of the best ways to use your time

time-read
4 dak  |
September 2016
5 Fun Ways To Save Money
The Finapolis

5 Fun Ways To Save Money

There are several simple ways to reduce spending and rack up more cash. Sukanta Kundu lists some interesting ones.

time-read
4 dak  |
September 2016
In Search of Higher Returns Amid Falling Rates
The Finapolis

In Search of Higher Returns Amid Falling Rates

As Bank Deposit Rates Fall, Even Conservative Investors Are Switching Assets. Where Can They Go? 

time-read
5 dak  |
December 2016
National Savings Certificates Help as Interest Rates Fall
The Finapolis

National Savings Certificates Help as Interest Rates Fall

National Savings Certificates (NSCs) have been among the most popular tax-saving options for ages. In spite of the advent of market-linked investment products such as equity-linked savings schemes (ELSS), the certificates have retained their charm for certain sections of society. In this column, let us discuss the various facets of this special instrument of investment.

time-read
3 dak  |
December 2016
What Drives Us to Invest?
The Finapolis

What Drives Us to Invest?

I had made the journey from economics to finance. As part of Keynesian economics, we were taught about the three motives to hold money: the transactions motive, the precautionary motive and the speculative motive; all through my teaching career that remained part of my Keynesian economics. But two decades, later when I immersed myself into the world of investment, I had to develop my own tools to understand the new discipline and make my investors understand the working of their own minds. One night as lay turning on my back, poring over the day’s happenings, suddenly I made a strong connection between what I had studied years back and the problem I was grappling with now: the motives.

time-read
4 dak  |
December 2016
Ask The Finapolis
The Finapolis

Ask The Finapolis

Col. Sanjeev Govila (retd) of Hum Fauji Investments answers readers’ queries on investments, taxation and personal finance. Do you have a question you want answered? Email your question to feedback@thefinapolis.com

time-read
9 dak  |
June 2017
Input Tax Credit To Benefit End-customer
The Finapolis

Input Tax Credit To Benefit End-customer

Looking at the scale of India, it is reasonable to expect 3-5 years for the system to stabilize

time-read
4 dak  |
June 2017
Will GST Really Spike Up Your Bills?
The Finapolis

Will GST Really Spike Up Your Bills?

As goods and service providers can claim input tax credit, your net tax bill will reduce say experts

time-read
4 dak  |
June 2017
The Bull Run Is Here To Stay
The Finapolis

The Bull Run Is Here To Stay

Karvy Finapolis’ event —“Is this the mother of all bull runs?” — evoked a thunderous response from investing public recently in Hyderabad.

time-read
4 dak  |
June 2017