Introduction With the world turning into one global entity, trade and commerce has increased leaps and bounds. Along with the benefits it carries, there are many complex issues which need to be addressed. One of these issues is tax evasion and base erosion. Transnational Enterprises arrange their transactions in a way to evade tax or … Read more
The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity. S. No. Questions / Tweets Received Replies Registration 1. Does aggregate turnover … Read more
In order to provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax, Compensation Cess is being levied on certain goods and services vide The Goods and Services Tax (Compensation to States) Act, 2017. All the provisions of the said Act have come … Read more
Schedule VI –0.25% (0.125% CGST and 0.125% SGST) S. No. Chapter / Heading / Sub-heading / Tariff item Description of Goods (1) (2) (3) 1. 7102 Diamonds, non-industrial unworked or simply sawn, cleaved or bruted 2. 7103 Precious stones (other than diamonds) and semi-precious stones, unworked or simply sawn or roughly shaped 3. 7104 … Read more
Schedule V – 3% (1.5% CGST and 1.5% SGST) S. No. Chapter / Heading / Sub-heading / Tariff item Description of Goods (1) (2) (3) 1. 7101 Pearls, natural or cultured, whether or not worked or graded but not S. No. Chapter / Heading / Sub-heading / Tariff item Description of Goods (1) … Read more
Schedule IV –28% (14% CGST and 14% SGST) S. No. Chapter / Heading / Sub- heading / Tariff item Description of Goods (1) (2) (3) 1. 1703 Molasses 2. 1704 Chewing gum / bubble gum and white chocolate, not containing cocoa 3. 1804 Cocoa butter, fat and oil 4. 1805 Cocoa powder, not containing added … Read more
Schedule III –18% (9% CGST and 9% SGST) S. No. Chapter / Heading / Sub- heading / Tariff item Description of Goods (1) (2) (3) 1. 0402 91 10, 0402 99 20 Condensed milk 2. 1107 Malt, whether or not roasted 3. 1302 Vegetable saps and extracts; pectic substances, pectinates and pectates; agar-agar and … Read more
Schedule II – 12% (6% CGST and 6% SGST) S. No. Chapter / Heading / Sub- heading / Tariff item Description of Goods (1) (2) (3) 1. 01012100, 010129 Live horses 2. 0202 Meat of bovine animals, frozen and put up in unit containers 3. 0203 Meat of swine, frozen and put up in unit … Read more
Schedule I – 5% (2.5% CGST and 2.5% SGST) S. No. Chapter / Heading / Sub-heading / Tariff item Description of Goods (1) (2) (3) 1. 0303 Fish, frozen, excluding fish fillets and other fish meat of heading 0304 2. 0304 Fish fillets and other fish meat (whether or not minced), frozen 3. 0305 … Read more
[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No.1/2017-Central Tax (Rate) New Delhi, the 28th June, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 9 of the Central Goods and … Read more