GST to make India more tax-compliant: Jaitley

GST to make India more tax-compliant: Jaitley

GST to make India more tax-compliant: Jaitley

HP India, in collaboration with KPMG, on Monday launched a secure and affordable invoicing platform called "GST Solution" to help millions of traders and micro, small and medium enterprises (MSMEs) move seamlessly to the new GST regime. "And therefore it is important that the personnel, who administers the tax, right from their induction into the service, through their career evolution, in the service itself undergoes this change training", he added. Touted as the biggest tax reform since independence, the GST will unify 16 different taxes and will transform India into a single market.

"All solar equipments and its parts would attract 5 percent GST only", Revenue Secretary Hasmukh Adhia said in a tweet on Sunday, contrary to the initially planned two tax slabs of 5 percent and 18 percent. The 5% tax rate on solar panels would effectively mean that bringing panels under the tax net will not hurt the flourishing sector - something that the solar power industry feared last week. Most raw food items, including food grains, have been exempted, while processed food items have been kept at 5% to ensure that households don't suffer any price shock.

"The rates for services are in line with those finalised for goods".

During its meetings on May 18 and 19, 2017, the GST Council declared the placement of goods and services across the fixed GST rate slabs.

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Cost of packaged cement is expected to ease as the tax rate will come down to 28 percent from the existing 31 percent.

Medicines, including ayurvedic drugs, as also medical devices will face a lower incidence at 12 per cent, compared to the existing 13 per cent.

Domestic coal sales now attract a 11.69 percent duty.

At present, non-AC restaurants are subject to state VATs in the range of 12.5-20 percent, while AC restaurants are levied with a 6 percent service tax on top of state VAT. Considering that GST will be chargeable on the land value as well, CREDAI (the apex body of private real estate developers associations) has requested State Governments to abolish the stamp duty levied on landed property, to avoid multi-point taxation after the introduction of GST.

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