The administrators of Good and Services Tax has made a conference with Tax Professionals and Experts on last week, about the tax reformation. This will be the biggest Tax reform that will be helpful to create a uniform Indian market. And the GST Council has planned to slash the Tax rate for 66 items. Arun Jaitley said this, after his 16th meeting with GST Council that there are nearly 133 representatives were made the discussion about to make lower taxes for different categories of goods and commodities and as per the discussion they planned to reduce taxes for 66 products.
All these revised taxes will be followed from July 1st, already the packed food items like a pickle, etc. are available at 18 percent, but after GST it will be available for 12 percent. Now the insulin for diabetes patients available for 12 percent but after GST it will be given to 5 percent, this is the centre news for diabetes patients.
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School Students get GST reduction for their school bags, it reduced from 28 percent to 18 percent and tax exemption for drawing books now it is for 12 percent. The reduction is also available for cutlery, and it reduced from 18 percent to 12 percent. The computer printers and CCTV cameras also reduced from 28 percent to 18 percent.
Kamal Hassan has stepped forward for compromise formula to solve the issues of entertainment tax. The movie ticket price that above Rs 100 will be for 28 percent and below Rs 100 would be for 18 percent.
Arun Jaitley said that
“As you know, entertainment tax currently is imposed by state governments. And the range is from 20 per cent to 110 per cent. The weighted average comes to about 30 percent. But state governments also give exemptions to film in their own language,”So we have now made two categories for entertainment tax.”
The small scale industries and trades whose annual turnover is less than 20 lakhs they no need to pay tax it is the happy news for all small scale industries. The entrepreneurs who have their turnover from Rs 20 to Rs 75 lakhs has to pay the nominal taxes under the composition scheme.
West Bengal Finance Minister Amit Mitra told that, in the composition scheme, traders have to pay 1 percent from their turnover, Manufacturers to pay 2 percent, and for the restaurant’s owners, they have to pay 5 percent, he also added that these peoples were the centre of attraction.