undergroundnewsroom.com
undergroundnewsroom.com November 20, 2017


India Inc. welcomes reduction in GST tax rates

11 November 2017, 01:49 | Damon Campbell

India Inc. welcomes reduction in GST tax rates

India Inc. welcomes reduction in GST tax rates

Guwahati: Finance Minister Arun Jaitley on Friday announced that the Goods and Services Tax (GST) Council has chose to slash tax slabs for 178 items from 28 percent to 18 percent. Two items have been brought to the tax slab of 12 per cent from 28 per cent. Friday's GST Council meet, only 50 items will now remain under the highest tax slab of 28 per cent.

According to Divyesh Lapsiwala, Tax Partner, EY India: "Rate reduction for 200 plus goods and services may be suggestive of the fact that there is good buoyancy in tax collections, promoting a rate rationalisation".

He further added that the revenue implication of these will be approximately Rs 20,000 crore.

"The GST Council has made a decision to keep only 50 items, mostly demerit, sin and luxury goods in top 28% bracket", Modi added. The GST Council is also expected to offer more relief to small and medium enterprises due to compliance burden. It has proposed a uniform tax rate of 12 per cent.

Former Yahoo CEO apologises for data breach, blames Russians
In 2013, all 3 billion Yahoo accounts were hacked in what CNN reports was the largest data breach in history. She said Yahoo still has not been able to identify the intrusion that led to that theft.

West Ham appoint David Moyes as new manager
The former Manchester United boss will take charge until the end of the season after replacing Slaven Bilic at the London Stadium. Moyes - relegated with Sunderland last season - has been tasked with keeping West Ham in the Premier League .

Pokémon Go creators announce new Harry Potter game
This year marks the 20th anniversary of Harry Potter , as the first novel released in the United Kingdom on June 26, 1997. Niantic works best with these kind of games and looks like we have a Harry Potter AR game coming up soon enough.

The rate of GST in case of eight items have been reduced to five per cent from existing 12 % and in case of six items it has been reduced to nil from existing six per cent. The Delhi Hotel and Restaurant Owner's Association president, Sandeep Khandelwal, welcomed the lower tax rates and said this would incentivise people to pay taxes.

Businesses with annual turnover up to Rs. 1 crore can opt for the composition scheme, which enables them to pay tax at a flat rate without input credits. Sushil Modi said like demonetization, GST too aimed at "achieving a clean, transparent and honest economy" and claimed "the common people have no problems with the new tax regime per se. Why is electricity and petrol kept out of GST?" he said.

Some of the products that are now out of the 28 per cent tax group are shampoo, chocolates, beauty products, furniture, sanitaryware and construction items such as marble and granite, media reported.



Other News

Trending Now

Google Maps and Search will soon tell you wait times at restaurants
Wait times on Google Search , and coming soon to Maps, will show those searching for a restaurant the estimated wait at eateries. Search for a restaurant using Google , and you're already told the times of day at which a particular place is busiest.

Jay-Z Slams Meek Mill's Prison Sentence During Dallas Concert
Meek Mill arrives at the criminal justice centre in Philadelphia. "He caught a charge when he was, like, 19". He also highlights the positive contributions the MMG rapper has made to his community.

Louis CK Not Laughing About Sexual Accusations
Fellow comic Tig Notato has also spoken out about C.K . "They're rumors, that's all that is", he said . A spokesman for Louis C.K. didn't return immediate messages for comment. " Shameless " star William H.

Russian Federation to amend law to classify media as 'foreign agents'
The Russian law on foreign agents in recent years has been used on nongovernmental groups that do not toe the Kremlin party line. The decision came in the wake of investigations into Kremlin attempts to interfere in the 2016 USA presidential election.

'Shameless' in Real Life: Ethan Cutkosky Arrested For DUI

Facebook 'remembers' nude images to combat revenge porn
Facebook's hashing system would then be able to recognize those images in the future without needing to store them on its servers. Facebook is asking its Australian users to send their nude pics in order to avoid revenge porn on social media.

Students salute local veterans
The children showed they had been learning some basic skills by presenting an enthusiastic rendition of the Pledge of Allegiance. The Norman Park Elementary Choir sang songs about America and gave handwritten letters of thanks to the veterans in attendance.

Star Wars TV Series Planned for Streaming Service
All are destined for their planned streaming service and include a new live-action Star Wars series, a Monsters Inc . Disney already owns properties such as Marvel Studios, Lucasfilm, Pixar and ESPN and is looking to expand.

Republican US Senate candidate Moore hit by sexual misconduct allegations
Later, he called and picked her up at her home, taking the then-14 year old Coffman to his house in the woods. The campaign said later if the claims were true they would have come up in Moore's earlier races.

Alex Gordon wins fifth Gold Glove award
The Platinum Glove will be awarded November 10, during the 2017 Rawlings Gold Glove Award Ceremony. Meanwhile, the Twins were represented by two first-time winners in Buxton and Dozier.