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Gst Update
Cess over the peak rate of 28% on specified luxury and sin goods
To ensure single interface – all administrative
control over
90% of taxpayers having turnover below Rs. 1.5 cr
would vest with State tax administration
10% of taxpayers having turnover below of Rs. 1.5
cr. would vest with Central tax administration
taxpayers having turnover above Rs. 1.5 cr. would
be divided equally between Central and State tax
administration
Threshold limit for exemption to be Rs. 20 lac (Rs. 10
lac for special category States)
Compounding threshold limit to be Rs. 50 lac – not
available to inter-State suppliers, service providers
(except restaurant service) & specified category of
manufacturers
Government may convert existing Area based
exemption schemes into reimbursement based
scheme
Four tax rates namely 5%, 12%, 18% and 28%
Some goods and services would be exempt
Separate tax rate for precious metals
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