Tue, Jul 25, 2017 | updated 11:04 AM IST

Foodgrains, common-use products to get cheaper as GST Council decides service tax rate

Updated: May 19, 2017 10:33 IST      
Foodgrains, common-use products to get cheaper as GST Council decides service tax rate

New Delhi [India], May 19 (ANI): The Goods and service Tax (GST) council will decide the rate of Service Tax today.

Union Finance Minister Arun Jaitley at the first day of the two-day meeting in Srinagar of the GST Council Council said that today they will decide on the rate of tax for services.

"The rates for bidis along with gold, footwear, bidi, biscuits, agriculture equipments and packaged food items would also be decided today. Two set of rules on transition provision and returns have been referred to legal committee," Jaitley said.

After a fixed rate is decided and implemented from July 1, foodgrains and common-use products like hair oil, soaps, toothpaste and also the electricity will cost less.

The GST rates for all 1,211 items but six were finalised, yesterday.

GST Council decided to exempt the daily-use commodities from the levy.

Prices of foodgrains, especially wheat and rice, will come down as they will be exempted from the GST.

Currently, some states levy Value Added Tax (VAT) on them. Daily-use items like sugar, tea, coffee (barring instant coffee), edible oil and life-saving drugs will attract the lowest tax rate of 5 per cent, almost the same as current incidence.

Milk and curd will continue to be exempt from taxation when the GST replaced current indirect taxes.

'Mithai' or sweets will attract 5 per cent levy.

The Common use products like hair oil, soaps and toothpaste will be charged with a single national sales tax or GST of 18 per cent instead of present 22-24 per cent tax incidence through a combination of central and state government levies.

The Council fitted all but six items in 5, 12, 18 or 28 per cent tax brackets.

Seven percent of the items fall under the exempt list while 14 per cent have been put in the lowest tax bracket of 5 per cent.

17 percent items are in 12 per cent tax bracket, 43 percent in 18 percent tax slab and only 19 percent of goods fall in the top tax bracket of 28 percent.

Cars, ACs, refrigerators and Aerated drinks will be in 28 percent bracket.

On top of the peak rate, small cars will attract a 1 per cent cess, mid-sized cars will attract 3 percent and luxury cars 15 percent. (ANI)

New Delhi [India], July 25 (ANI): In a historic moment, the National Stock Exchange's (NSE) Nifty for the first time crossed the 10,000 mark in the opening trade on Tuesday.

Full Story >>

Here's how digital marketing benefits SMEs operations

Updated: Jul 25, 2017 05:12 IST     

New Delhi [India], July 25 (ANI): The number of changes, businesses are needed to undergo these days, are enormous to update oneself on the current standards. Businesses are leveraging technology as an integral part of their daily operations, either as how they operate on a daily basis, or how they process orders. Hence, implementing technology in the day-to-day activities is the need of the hour.

Full Story >>

New Delhi [India], July 24 (ANI-NewsVoir): Pluss Advanced Technologies Pvt. Ltd., a venture funded company by Tata Capital Innovations Fund, has received Rs. 50 lakh grant under the Millennium Alliance Programme by FICCI. The award was presented by Dr. Harsh Vardhan, Union Minister for Science and Technology, Earth Sciences, Environment, Forests and Climate Change, Govt. of India.

Full Story >>

New Delhi [India], July 24 (ANI-NewsVoir): CFA Society India, in collaboration with CFA Institute, the global association of investment professionals, hosted its second annual India Wealth Management Conference, in Mumbai.

Full Story >>

One stop shop for commercial property owners in Mumbai

Updated: Jul 24, 2017 17:09 IST     

New Delhi [India], July 24 (ANI-BusinessWireIndia): Jagaha.com is Mumbai's first dedicated commercial real estate platform. The company started its operations in 2015 with an aim to enhance the commercial real estate market experience by bringing transparency and efficiency through technology and customer service.

Full Story >>

Qbera begins next phase of expansion in Mumbai

Updated: Jul 24, 2017 16:58 IST     

Mumbai [India], July 24 (ANI):Qbera, a fin-tech start-up offering personal loans has announced the launch of its operations in Mumbai as the digital platform facilitates access to funds for salaried individuals through an application process for unsecured loans, providing instant approval and quick loan disbursals.

Full Story >>

New Delhi [India], July 24 (ANI-NewsVoir): KENT RO Systems Ltd., one of the most renowned healthcare brands in India, has been signed up as the principal sponsor of the Pro Kabaddi League team, Haryana Steelers, owned by JSW Group.

Full Story >>

Aasaanjobs announces launch of operation in Ahmedabad

Updated: Jul 24, 2017 16:23 IST     

New Delhi [India], July 24 (ANI): Online recruitment marketplace Aasaanjobs on Monday announced foraying into Ahmedabad, as a part of its strategic expansion plan.

Full Story >>

New Delhi [India], July 24 (ANI): Union Finance Minister Arun Jaitley on Monday introduced a bill to authorise the direct banking companies to resolve the problem of stressed assets.

Full Story >>

New Delhi, July 24 (ANI): Zee Learn Limited, India's leading Education company and India's Most Trusted Diversified Education Brand*, today reported its Standalone and Consolidated Q1 FY18 financial results. The company delivered healthy topline growth and improved its margins by leveraging its business model.

Full Story >>

Mumbai (India), July 24 (ANI): The Standard Chartered Bank on Monday launched a 'Multicurrency Forex Card' to allow customers the convenience of loading up to 20 widely used currencies on one card with an online reload facility during overseas travel.

Full Story >>

New Delhi [India], July 24 (ANI): The world's largest processed fertilizer cooperative, Indian Farmers Fertiliser Cooperative (IFFCO), today announced signing of a Memorandum of Understanding (MoU) with the Government of Sikkim.

Full Story >>

Aye Finance expands its reach; doubles its footprint in Q1

Updated: Jul 24, 2017 14:09 IST     

New Delhi [India], July 24 (ANI): New age finance company Aye Finance on Monday announced expanding its reach from 33 to 67 branches, thus making more than a double expansion in the first quarter of current financial year.

Full Story >>

ITC gains 2 pct after hike on cigarettes prices amid GST

Updated: Jul 24, 2017 13:52 IST     

New Delhi [India], July 24 (ANI): Shares of ITC gained 2.4 percent in the morning trade on Monday as the cigarette major hiked select product prices following Goods and Services Tax (GST) Council hiked cess to pre-GST level.

Full Story >>

New Delhi [India], July 24 (ANI-NewsVoir): The Millennium Alliance Initiative on Thursday recognized 24 high-impact social innovations from India at an award ceremony organized in New Delhi. The 24 finalists selected from a pool of 710 applications will together receive funding support worth Rs. 8.15 crore.

Full Story >>

New Delhi [India], July 24 (ANI): The opening trade on Monday flagged off on a positive note, with market indices triggeringg a record high with Sensex up by over 133 points at 32,174.51, while the Nifty at 9,947.30.

Full Story >>

New Delhi [India], July 24 (ANI): The International Monetary Fund, in its World Economic Outlook on Monday highlighted a pattern of surge in growth rate among the emerging economies, while the likes of the United States of America and United Kingdom are witnessing a slowdown.

Full Story >>

New Delhi [India], July 23 (ANI): With initiatives like Bharat Net aiding the expansion of broadband network in India, initiatives like Digital India are said to gain momentum, leading to the expansion of social media, an ASSOCHAM paper noted.

Full Story >>

40 percent of India's GDP outside GST: Chidambaram

Updated: Jul 23, 2017 17:51 IST     

Pune (Maharashtra) [India], July 23 (ANI): Criticising the Centre's formulation of the Goods and Services Tax (GST), former finance minister and Congress leader P. Chidambaram pointed out that many products have been kept out of the new tax regime.

Full Story >>

New Delhi [India], July 22 (ANI): The fourth edition of Madhya Pradesh Travel Mart themed 'Seek-Discover-Explore' will be held at Bhopal from October 27 to 29.

Full Story >>