India's GST Council reduces tax rates on certain goods.
On July 1st 2017, Goods and Services Tax (GST) was introduced in India, as the biggest tax reform in the country since independence. Taxback International recently reported on extensions in the due dates for filing requirements for GST.
The GST Council has now announced that it will significally reduced the applicable tax rates applied to various goods.
Out of a total of 288 products, 50 of those have been retained in the 28% GST rate category. The remaining products have all been set as at reduced rates of 18%, 12%, 5% and 0%.
Products set at 18% GST rate include chocolates, furniture, forklifts and musical instruments.
Products set at 12% GST rate include tanks and other armored fighting vehicles.
Products set at 5% GST rate include aircraft engines, aircraft tyres and seats.
If you have any queries on the new GST regime or you are worried that your business is not prepared, please contact our VAT Consulting team for free bespoke advice.
We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult. Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.
+353 56 778 34 00