GST News and Announcements

Goods and Service Tax popularly known as GST was first announced by Indian Government in the year 2000. After 17 years on 1st July 2017 the GST became reality throughout India which replaced the taxes introduced by State and central Government. Many changes happened in the GST when Rajya Sabha first passed the bill introducing GST in the 122nd Amendment of the constitution on 3rd August 2016.

Under the Goods and Services are given the following tax rates as 0%, 5%, 12%, 18% and 28%. They also introduced a special rate of 0.25% on rough and semi-precious stones. New GST rates got introduced recently on November 15. Under the new GST consumer packed goods such as shampoo and detergents got a reduction in the taxes. The GST council had a meeting on November 10 and decided to cut the rates of 178 items from 28% to 18%.

The government not only reduce the GST on consumer packed goods but also on All restaurants which are both AC and Non-AC. Previously 12% of GST is billed for food in non-AC restaurants and 18% of GST for food in AC restaurant. From November 15, the government made a uniform 5% tax for all restaurants which are AC and non – AC. Finance Minister Arun Jaitley made an announcement of the GST changes after the GST council meeting. Bihar Deputy Chief Minister Sushil Kumar Modi said the cut in GST tax will cost Rs 20,00 crore in revenue annually. The GST which took launch on 1st July made 29 states into a single market with one tax rate.

Recently Government made a lot of changes in GST taxes for consumer products and other daily use items. Now it is planning to reduce goods and services tax on white goods. The white goods include washing machines, refrigerators and other home appliances. The current level of GST of these goods is 28%. The government is planning to reduce the rates of it from 28% to 18%.

Have a complete information regarding the GST from the Source: Current Affairs
https://www.recruitment.guru/current-affairs/today-current-affairs-november-16-2017/