Tuesday, 21 November, 2017

Modi govt. has no option but to change GST rates: Chidambaram

GST council likely to lower 28% tax on some common-use items Arun Jaitley Modi govt. has no option but to change GST rates: Chidambaram
Lillian Steele | 11 November, 2017, 01:47

Another phase of GST Council meeting starts today in Guwahati.

"Expect a shower of changes in GST rates from GST Council meeting today", the senior Congress leader said.

The GST Council has decided that all restaurants will not attract GST at a rate of five per cent and will not be extended any input tax credit.

In a series of tweets after Finance Minister Arun Jaitley announced that the GST Council has chose to slash tax slabs for 178 items from 28 per cent to 18 per cent, Chidambaram said that the rate has been "capped" at 18 per cent.

New DelhiWith the Goods and Services Tax (GST) slashed for over 200 items, the decision that has foodies in Delhi elated is the reduced rates for AC restaurants, which could make eating out cheaper. The GST Council is also expected to offer more relief to small and medium enterprises due to compliance burden.

13 items have been moved from 18% to 12%, 6 items from 18% to 5%, 8 items from 12% to 5%, 6 items from 5% to nil, the FM said. It has proposed a uniform tax rate of 12 per cent. All the new GST rates will come into effect from November 15 next.

The GST Council also decided that taxpayers with annual aggregate turnover up to Rs 1.5 crore need to file GSTR-1 on quarterly basis, while taxpayers with turnover above Rs 1.5 crore need to file GSTR-1 on monthly basis.

Some items like construction fittings, electrical goods, sanitary fittings, marble fittings which were in 28-31 % bracket in pre-GST regime have been put in 18 % bracket.

The Congress on Friday lashed out at Prime Minister Narendra Modi stating that the entire Goods and Services Tax (GST) architecture and design was "defective".

"Government can no longer duck these issues", he said adding that the Gujarat elections had forced the government to heed advice of the opposition and experts on the flaws in the implementation of GST.

Recommended

Disney Studios Announces New Trilogy of Star Wars Disney Studios Announces New Trilogy of Star Wars The new trilogy, to be developed by " Last Jedi " director Rian Johnson , would come after 2020. Disney chief Bob Iger announced the plans Thursday in a call with investment analysts.

Conor McGregor Goes Berserk And Starts On Referee Conor McGregor Goes Berserk And Starts On Referee Oh, and in case you're curious about what Dana White thinks about fighters touching referees, here's what he said a year ago. The UFC's biggest star just gave the UFC's biggest competitor, Bellator MMA , some invaluable publicity.

Russian offered to send prostitutes to Trump's hotel room Russian offered to send prostitutes to Trump's hotel room When Donald Trump left NY to take up residency in the White House, Keith Schiller , his longtime bodyguard, went with him. Schiller said he rejected the offer and laughed about it with Trump .

Target is selling fidget spinners that contain toxic levels of lead Target is selling fidget spinners that contain toxic levels of lead Company representatives argue that a fidget spinner is not a toy because such products are not intended for kids 14 and older. The popular little toys are already the subject of Consumer Product Safety Commission choking hazard warnings.

'Doctor Who': The New Doctor's Look Finally Revealed 'Doctor Who': The New Doctor's Look Finally Revealed Also, take a look over here to stay up to date with all of our Doctor Who coverage courtesy of our CarterMatt Facebook page. The stripe across her shirt instantly makes me think of Colin Baker's 6th Doctor coat and Tom Baker's 4th Doctor scarf.

'Rare opportunity': Pentagon confirms joint drill of 3 aircraft carriers in Pacific 'Rare opportunity': Pentagon confirms joint drill of 3 aircraft carriers in Pacific The Navy will conduct a joint exercise with three aircraft carriers in the Western Pacific for the first time in a decade. Pacific Fleet has been a persistent and stabilizing presence conducting operations throughout the region.

LiAngelo Ball, UCLA Teammates Likely to Be Sentenced to House Arrest LiAngelo Ball, UCLA Teammates Likely to Be Sentenced to House Arrest Pac-12 commissioner Larry Scott said the conference was directing specific questions about what transpired to UCLA . The freshman were suspected for shoplifting from a Louis Vuitton near the hotel that the team is staying in.

Louis CK Accused of Sexual Misconduct by Multiple Women Louis CK Accused of Sexual Misconduct by Multiple Women She declined, and the incident was corroborated to the Times by the show's producers, actors Courteney Cox and David Arquette . Reps for the NY premiere said the event was canceled due to "unexpected circumstances", according to The Hollywood Reporter .

Kevin Spacey Cut From Ridley Scott Movie Kevin Spacey Cut From Ridley Scott Movie Broadway star Anthony Rapp accused Spacey of attempting to molest him when he was a teenager at a party in the 1980s. At a news conference Wednesday afternoon, Unruh said her son met Spacey at a restaurant and was "star-struck".

Meek Mill's Sentence May Have a Dark, Corrupt Backstory Meek Mill's Sentence May Have a Dark, Corrupt Backstory He was originally arrested in 2008, and spent eight months in prison following a drug dealing and gun possession conviction. He also claims that the Judge wanted Meek to quit Roc Nation and sign with a friend of hers for a management deal.

Gold Glove Awards 2017: Which Cleveland Indians player was snubbed the worst? Gold Glove Awards 2017: Which Cleveland Indians player was snubbed the worst? But the votes of major league coaches and managers still account for about 75 percent of the selection process. This is Hosmer's fourth Gold Glove, which ties catcher Salvador Perez for third-most among Royals players.

Congress grills former Equifax, Yahoo CEOs over identity data breaches Congress grills former Equifax, Yahoo CEOs over identity data breaches Lawmakers said rigorous security rules are needed to counter the hacks and that companies need "extreme" limits to protect customers' privacy.

Study shows sheep recognise human faces Study shows sheep recognise human faces Training involved the sheep making decisions as they moved around a specially-designed pen. In a specially equipped pen, sheep were shown pictures of people on two computer screens.

United States isolated after Syria signs up to Paris climate pact United States  isolated after Syria signs up to Paris climate pact Syria announced it would sign that agreement Tuesday in Bonn , Germany at the United Nations yearly climate change conference. However, due to the terms of the agreement, the USA can not fully withdraw until 2020.

Alcohol consumption increases risk of seven types of cancer, claim doctors Alcohol consumption increases risk of seven types of cancer, claim doctors Alcohol is directly responsible for 5 to 6 percent of new cancers and cancer deaths worldwide, according to the statement. While it is okay to drink occasionally (read rarely), you shouldn't be making a habit out of it.