Also a committee is to look at defining handicrafts and the different items under it into the tax rates. Currently, handicraft is exempted from GST.
The new rates would be effective from 25 January.
The new rates will affect 29 goods and 53 services.
He also said that the Composition Scheme was seriously discussed.
Our predictions have come true, as the GST Council has recommended some major changes related to GST rates, and also proposed to streamline the process of filing GST returns.
The council also decided that 3B returns filing will continue and suppliers can continue to load their invoices.
This would drastically reduce the compliance burden on the tax payers as they will have to file 12 returns a year instead of 37 returns now. "The time has come to put in place measures to ensure better compliance". "However, details are still awaited on how this single return will be and the information that will have to be reported", Archit Gupta, CEO of ClearTax said.
With the GST Council taking all decisions with respect to this new indirect tax regime and states getting assured compensation from the centre for revenue losses under GST (calculated assuming 14% growth in tax revenues annually), states are comfortably placed as far as indirect tax revenues are concerned.
- To exempt dollar-denominated services provided by financial intermediaries located in IFSC SEZ, which have been deemed to be outside India under the various regulations by RBI, IRDAI, SEBI or any financial regulatory authority, to a person outside India. In a bid to ease compliance and simplifying procedures, in November, the Council allowed tax assessees to file only two sets of forms-GSTR1 and GSTR 3B.
Now the levy GST on the small housekeeping service providers, was notified under section 9 (5) of GST Act, who provide housekeeping service through eCommerce Operator (ECO) will be 5 per cent without Input Tax Credit (ITC). The "anti-evasion" measure will be in addition to electronic-way bills that will become mandatory from next month. Nearly 15 states have also agreed to put in place an Eway bill system to track inter-state movement of goods.
While a rate cut on several goods and services was given a green signal in the 25th GST council meet, however, there was no decision on including the petroleum products within the ambit of GST.
It has also been chose to exempt from GST subscription of online educational journals/periodicals by educational institutions who provide degree recognised by any law and; services provided by school buses; services of life insurance business provided under life micro insurance product approved by IRDAI up to maximum amount of cover of Rs.50,000. The charge is applicable on a registered dealer, if he buys goods from a dealer not registered under GST.
Industrial stocks rose after the Federal Reserve said U.S. industrial production increased 0.9% in December. The Russell 2000 index of smaller-company stocks gave up 9.93 points, or 0.6 percent, to 1,576.73.
Trump denies the reports and told the media on Sunday he is "the least racist person they've ever interviewed". In an interview on Friday , Perdue had said he didn't remember the president using such language.
It's also put blockchain - the software technology enabling Bitcoin and other cryptocurrencies - on a trajectory of its own. Wednesday was the second consecutive day of a giant cryptocurrency price slump, with some tokens faring better than others.
Along with the video site, Tide has also reminded people on their Twitter that Tide Pods are only used for "DOING LAUNDRY". Last Thursday, the Iowa Poison Control Center received its first call of the year involving misuse of laundry pods.
US crude inventories were estimated to have fallen 3.5 million barrels in the week ended January 12, according to a Reuters poll. OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months.
Schachtner is just the latest Democrat to win a seat that had once been considered virtually unwinnable for the party. In contrast, Trump beat Hillary Clinton in that same district by 17 points in 2016.
The map in question is an interesting one that's called "Blizzard World" and has been created to resemble a theme park of sorts. Blizzard will be revealing the Overwatch cosmetics over the next week until release, starting with chibi-styled hero sprays.
Suspiciously missing from this dollar-filled announcement is Laura Dern, but hopefully her shocking paycheck story is coming. Wiig is also an executive producer on the series, alongside Witherspoon and Lauren Neustadter for Hello Sunshine.
The cabin, however, keeps its characteristic low-profile heritage by extending the space for the rear seats by 7 inches. The new platform also allowed Toyota designers room to create a carved lower rocker panel behind the front wheels.
Khloe Kardashian is speaking out about her decision to keep her pregnancy and baby bump a secret for almost six months. In late 2017, confirmed she was pregnant with Tristan Thompson's baby in an photo of the KUWTK star's pregnant bump.
Speaking of stats and numbers though, no one accumulates what you need to know better than our friends over at Opta. Harmon said he was not surprised by Ramsey's claim as talking trash is part of his game.
Google now has direct ownership in as many as eight other undersea cables linking its various data centers around the world. The five regions will be added in 2018 beginning in this quarter, and then three subsea cables will be commissioned in 2019.
US Marshal killed, 2 others hurt in Harrisburg shooting
There were reports of shots fired around 6:10 a.m.in the Harrisburg neighborhood around South 18th and Mulberry streets. He says the suspect is not at large, but wouldn't say if that person is in custody or what that person's condition is.
Meet The "chaiOS" Bug That Can Freeze Your iPhone With A Link
Last year, Apple launched a first-of-its-kind App Accelerator in Bengaluru and it has already trained thousands of iOS developers. Apple has yet to release a fix for the bug, but it's likely that the company is aware of the issue, according to The Sun .
Illegal Alien Cop Killer Vows to Kill Again, Angel Mom Reacts
He then vowed: "I will break out soon, and I will kill more, kill whoever gets in front of me". "There's no need for a f-- trial". Bracamontes, who has a long history of arrests and has been deported from Arizona twice, faces the death penalty if found guilty.
Trump expose 'Fire and Fury' to be made into TV series
Wolff himself will serve as executive producer, and veteran Channel 4 and BBC executive Michael Jackson is on board as producer. Endeavor Content, according to the Hollywood Reporter , plans to adapt the book into a television series.
India vs South Africa 2018: Dinesh Karthik to replace injured
Dinesh Karthik will replace injured Wriddhiman Saha in India's Test squad for the third and final Test against South Africa . The No.1 team lost the first Test when they failed to chase down a modest total of 208 and were bundled out for 135 runs.