GST to roll out from July 1, Govt scotches rumours of delay

GST to roll out from July 1, Govt scotches rumours of delay

In what could be a huge relief for jewellery and diamond processing industry before India's biggest tax reform kicks in from July 1, the Goods and Service Tax (GST) Council reduced the applicable rate on making charges from 18 per cent to just 5 per cent.

West Bengal Finance Minister Amit Mitra hailed today's Council decisions saying common people gained from this and termed increasing the turnover limit for availing composition scheme and reduction intax rates for cinema tickets as "people-centric measures".

Banks will need to make registrations in each state separately under the GST law so that they are ready for the new indirect tax regime roll-out from July 1, Revenue Secretary Hasmukh Adhia said on Monday.

The Goods and Services Tax (GST) will adversely affect the oil and gas industry as the sector will have to comply with both the current tax regime and the GST framework, according to a report.

Retaining 18 per cent service tax slab for made-up and garment sector will have a serious implication on the cost escalation of the final goods of made-up and garments and will be uncompetitive in the domestic and global market, said CITI in a statement.

Presently, the tax on financial services is 15% and after the increase, the returns will also get affected.

It said almost 60% of small businesses in the Country have been devoid of digital technology and they can not comply with GST from July one.

After the last meeting of GST Council on Sunday, Jaitley had said the Centre and states have completed discussion on most of the issues.

The official said that Centre told the Council that the GSTN has already floated tender inviting companies for developing the software for "e-way bill" system and the process for selection of bidders would take about two months.

Textile industry has urged the GST Council to lower the service tax on job work related to made-ups and garment sector, saying the proposed 18 per cent tax would escalate the prices of final goods making them uncompetitive in the global market. "You require an honest intent for that", he had said, to a query that small traders and artisans were not technologically ready for meeting GST compliance.

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