GST rates on mobiles and fabric are likely to increase next week

-

New delhi date. December 12, 2019, Thursday

Goods and Services Tax (GST) rates are likely to rise on mobile phones and fabric. The next meeting of the GST Council is expected to take a decision on raising rates through taxation and raising rates as a way to improve the inverted duty structure. In the current financial year, revenue through GST is lower than expected.

As GST rates are higher on raw materials than in final products, the status of huge input tax credits arises. Fabrics, bags, tractors, etc. also come in inverted texture structures.

At present, the rate of GST on mobile phones is 5%, while on the parts and batteries of phones, the rate is 6%, due to which the inverted texture structure has emerged. In the case of phones, the same manufacturer filed a refund of Rs 1 crore last year.

In case of high tax structure on input and low rate on finished product, a taxpayer can claim for input tax credit. A similar situation is seen in the fabric wherein the rate of GST on the fabric is 5% while on different types of yarns it is 5%. Initially, the government did not allow fabric manufacturers to claim refunds for input tax credits, but was later allowed, sources in the finance ministry said.

If the finance ministers of each of the states agree, the GST rate on the fabric is currently being increased to five percent from 5 percent so that the burden of refunds on the government is reduced. General Chat Chat Lounge

It is worth mentioning here that in the current financial year, there is a significant reduction in revenue through GST of the government. With three months left before the end of the financial year, the fiscal deficit is likely to rise if the revenue target is not met through GST. The economic slowdown has made it difficult to reach the target.

Apart from GST, the current fiscal, corporate tax collection in the country from April to November is down one per cent compared to the same period last year. However, the impact of the corporate tax rate cut in September is yet to be seen. Due to these deductions, the levy may still be lower.


Comments

Post a Comment

Popular posts from this blog

Covid-19 effect: Significant increase in demand for second hand cars in the country

-
Image
Mumbai, May 26, 2020, Tuesday As lockdowns are being phased out across the country, the use of private vehicles using public transport to reach their destinations is on the rise. The increasing use of private vehicles has also increased the demand for cars, especially secondhand cars. Demand for second-hand cars is unprecedented. Inquiries for second-hand cars have almost doubled during the lockdown period compared to the time before the lockdown, according to a survey of about 100 dealers and car buyers. Demand for used cars at dealers has been strong in the last few weeks, and is expected to grow as the lockdown eases. Consumers are increasingly interested in buying second-hand cars, especially smaller ones, due to lower income levels and health-related safety, said an organized second-hand car dealer. Inquiries for a particular vehicle, which used to be around 15 per cent before the lockdown, have now doubled to 5 per cent. Inquiries for new vehicles have fallen from 21 per cen...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more