Sat, May 27, 2017 | updated 03:22 PM IST

GST Panel fixes tax structure at 5, 12, 18 and 28 pct; 50 percent products to fall in consumer basket

Updated: Nov 03, 2016 17:34 IST      
GST Panel fixes tax structure at 5, 12, 18 and 28 pct; 50 percent products to fall in consumer basket

New Delhi [India], Nov 3 (ANI): The most anticipated Goods and Services Tax (GST) Council has finally zeroed on a four-rate tax structure of 5, 12, 18 and 28 percent, said Finance Minister Arun Jaitley at a press conference here on Thursday.

Jaitley said the government has kept about 50 percent of products in the consumer basket, such as foodgrains, as 'zero-rated'.

Also, he added that the cost empowerment issue will be taken up tomorrow.

The GST Council may finalize the entry-level of the Goods and Services Tax rate at five percent while the upper level will be fixed at 28 percent.

The standard rates for most items will be fixed at 12 and 18 percent as was earlier planned, say government officials.

The Centre had recommended tax rates of 5, 12, 18, 25 and 40 percent, but pressure from the industry to keep a higher upper limit at 28 percent and removing the cess over 26 percent has led to the change.

Also, states had asked the GST Council to revise the six percent lower level tax to five percent. The council may also fix the GST tax rate for tobacco at 40 percent plus an additional duty.

Announcing the GST rates, Jaitley said the five percent duty was on items of mass consumption or ' Aam Aadmi' products.

"Tobacco will fetch 28 percent sin tax, excluding cess. Aerated drinks will also fetch tax at the same rate. Most white goods to be taxed at 28 percent but with riders," announced Jaitley at the press conference.

The prices of certain consumer durables like televisions, air conditioners, fridges and washing machines may however become cheaper with decrease in taxes. (ANI)

New Delhi [India], May 27 (ANI): Aiming to empower Nagpur's electric mobility drive, Ola and Mahindra on Friday announced their collaboration with the Government of India in a first-of-its-kind programme to build an electric mass mobility ecosystem in Nagpur, which will bring about a transformational change in the automotive and transportation landscape in the country.

Full Story >>

New Delhi [India], May 27 (ANI-NewsVoir): President of India Pranab Mukherjee received the first copies of the book 'Mann Ki Baat' - A social revolution on Radio, at Rashtrapati Bhavan, New Delhi, on May 26, 2017.

Full Story >>

New Delhi [India], May 27 (ANI-NewsVoir): Indian-American Businessman Nitin Khanna entered California with his Cannabis business, the fastest growing industry in America. As more states legalize recreational use, the demand for premium cannabis is expected to increase. With a population of 39.1 million, California is the largest market in America within this industry; it was also the first state to legalize the medical use of marijuana back in 1996.

Full Story >>

Epson launches express service centres in NCR

Updated: May 27, 2017 09:23 IST     

New Delhi [India], May 27 (ANI): Digital imaging and printing solutions provider Epson on Friday announced the inauguration of two express service centres in Noida and Gurugram.

Full Story >>

Pune (Maharashtra) [India],May 26 (ANI-Businesswire India): Bajaj Finserv, India's most diversified financial company, through its lending arm Bajaj Finance, is offering home loans at just 8.50% for a limited period. The special offer is valid till May 29, 2017.

Full Story >>

Jugnoo takes a big leap in restaurant aggregation

Updated: May 26, 2017 16:51 IST     

New Delhi [India], May 26 (ANI-Newsvoir): Jugnoo, India's leading hyper local startup, offering a diverse range of services like rides, ready to eat meals, restaurant food delivery, grocery and B2B Delivery, records phenomenal growth for its restaurant aggregator vertical, menus.

Full Story >>

GST Bill unanimously approved in Tripura

Updated: May 26, 2017 15:15 IST     

Agartala (Tripura) [India], May 26 (ANI): On the concluding day of the three-day session of the Tripura Assembly on Thursday, the Left-ruled state approved the Goods and Services Tax (GST) Bill unanimously by voice vote.

Full Story >>

Sensex surpasses 31,000 mark, shoots by 255.17 points

Updated: May 26, 2017 14:54 IST     

New Delhi [India], May 26 (ANI): Achieving yet another milestone in just a few hours, the Sensex on Friday saw a significant surge, reaching a fresh all time high of 31,005.20, recording a rise by 255.17 points, with Nifty inching closer to the 9,600-mark.

Full Story >>

New Delhi [India], May 26 (ANI): The most economically developed states are not adequately adding to skill sets, which may result in severe shortages of skilled manpower in the coming years, according to an ASSOCHAM-Thought Arbitrage Paper.

Full Story >>

FICCI to set up StudyinIndia pavilion at NAFSA 2017

Updated: May 26, 2017 13:20 IST     

New Delhi [India], May 26 (ANI): The Federation of Indian Chambers of Commerce and Industry (FICCI), along with the Ministry of Commerce, Government of India and Service Export Promotion Council and in partnership with Education Promotion Society for India will be setting up a 'StudyinIndia' pavilion, leading a delegation of over 50 Indian higher education leaders to the 69th Annual NAFSA conference scheduled to take place from May 28 to June 2 2017, in Los Angeles, U.S.A.

Full Story >>

Atal Pension Yojana registers 53 lakh subscribers

Updated: May 26, 2017 12:36 IST     

New Delhi [India], May 26 (ANI): The subscriber base under the Atal Pension Yojana (APY) reached approximately 53 Lakhs. At present, 235 banks and the Postal Department are involved with the implementation of the scheme. Besides the branches of the banks and CBS-enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment.

Full Story >>

New Delhi [India], May 26 (ANI): The Central Board of Direct Taxes (CBDT) on Friday issued a clarification on furnishing statements of financial transactions.

Full Story >>

New Delhi [India], May 26 (ANI): The market on Friday witnessed a surge in its trade with the Sensex and Nifty hitting an all time high of 30,862.63 and 9,534.75 respectively.

Full Story >>

New Delhi [India], May 26 (ANI-BusinessWire India): ITC Limited has won the prestigious Porter Prize 2017 award for 'Excellence in Corporate Governance and Integration' and for its exemplary contribution in 'Creating Shared Value'.

Full Story >>

New Delhi [India], May 26 (ANI): C-Zentrix, a Gartner Magic Quadrant for CCI 2016-recognised product company and a cloud-based advance communication management provider on Thursday announced the launch of two new products in its customer engagement solutions portfolio, 'TrixChat' and 'ZenBot'.

Full Story >>

nexGTv now available on Amazon's Fire TV Stick

Updated: May 26, 2017 08:10 IST     

New Delhi [India], May 26 (ANI): nexGTv, a subscription-led video entertainment app on Thursday made its big-screen debut with its launch on Fire TV Stick, a digital streaming device from Amazon, and is now available on Amazon India.

Full Story >>

New Delhi [India], May 25 (ANI-NewsVoir): Rakesh Kapur, Joint Managing Director, Indian Farmers Fertiliser Cooperative Limited (IFFCO), has been elected as the Chairman of the International Fertilizer Association (IFA) at the recent IFA's Annual Conference held from May 22nd - 24th in Marrakech, Morocco in which 1400 participants were present.

Full Story >>

New Delhi [India], May 25 (ANI-NewsVoir): Unveiled at its Insights 2017 customer conference, Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth, has introduced the latest version of Epicor ERP, the global enterprise resource planning solution in use today by thousands of customers in 150 countries worldwide.

Full Story >>

New Delhi [India], May 25 (ANI): Credit rating agency ICRA expects Indian GDP and gross value added (GVA) at basic prices to expand by 7.1 percent and 6.9 percent, respectively, in year-on-year (YoY) terms in Q4 FY2017.

Full Story >>

New Delhi [India], May 25 (ANI): Alibaba Mobile Business Group on Thursday announced appointment of Young Li as Head of International Business Department.

Full Story >>