News & Events

Gst Update

 Cess over the peak rate of 28% on specified luxury and sin goods 

 To ensure single interface – all administrative control over 
 90% of taxpayers having turnover below Rs. 1.5 cr would vest with State tax administration 
 10% of taxpayers having turnover below of Rs. 1.5 cr. would vest with Central tax administration 
 taxpayers having turnover above Rs. 1.5 cr. would be divided equally between Central and State tax administration 
 Threshold limit for exemption to be Rs. 20 lac (Rs. 10 lac for special category States) 
 Compounding threshold limit to be Rs. 50 lac – not available to inter-State suppliers, service providers (except restaurant service) & specified category of manufacturers 
 Government may convert existing Area based exemption schemes into reimbursement based scheme 
 Four tax rates namely 5%, 12%, 18% and 28% 
 Some goods and services would be exempt 
 Separate tax rate for precious metals