Single packages of unbranded pre-packed and labelled food items like cereals, pulses and flour weighing in excess of 25 kg are exempt from 5 per cent GST levy. The Central Board of Indirect Taxes and Customs on Sunday late night issued FAQs clarifying various doubts and said only pre-packed items up to 25 kg will […]
Edible oil industry body SEA on Thursday welcomed the GST Council’s decision to impose 5 per cent Goods and Services Tax (GST) on deoiled rice bran, saying this will discourage the use of the produce for feed purpose. At present, about 5 per cent GST is applicable on rice bran (before oil extraction) and crude […]
India has raised its basic import duty on gold to 15 per cent from 10.75 per cent, the government said in a notification on Friday, as the world’s second-biggest consumer of the precious metal tries to dampen its demand. India fulfills most of its gold demand through imports, which were putting pressure on the rupee which hit […]
India’s ministry of mines ministry is considering a proposal to exclude royalty and other levies from the average sale price (ASP) of non-coal minerals such as iron ore, limestone and bauxite to encourage investments in the sector. The idea is to avoid cascading of taxes, that is levy of tax on tax. Royalty is currently […]
The Centre will table the issue of bringing aviation turbine fuel (ATF) under the GST net for discussion in the next meeting of the GST Council, Finance Minister Nirmala Sitharaman said, while noting that rising global fuel prices are a “concern”. When the GST was introduced on July 1, 2017, amalgamating over a dozen central […]
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister’s vision for a gas-based economy and raising the share of the environment-friendly fuel in India’s energy basket, said a natural gas industry body, Federation of Indian Petroleum Industry (FIPI). Natural gas is currently outside the ambit of […]
The Centre has issued a circular clarifying that the supply of ice cream by parlours will attract 18% goods and services tax (GST) with an input tax credit. The GST Council had approved the proposal at its Lucknow meeting on September 17 this year. Earlier the advance ruling authorities in some cases, have concluded that […]
A reduction in GST rates on auto LPG and subsidies on conversion kits can spur the use of LPG as a fuel in automobiles, Indian Auto LPG Coalition (IAC) said, emphasising the need to recast vehicular fuel mix with a greater share of cleaner alternatives. In a statement, IAC, the nodal body and a leading […]
At the 45th GST Council meeting, the Fitment Committee of GST recommended an 18% GST on coconut oil sold in unit containers of less than one litre and a 5% GST on units sold in containers of one litre or more. Coconut oil price is likely to skyrocket and merchants, traders as well as producer […]
The Chamber of Trade and Industry (CTI) has asked the government to bring petrol and diesel under the ambit of GST to bring down the fuel rates. Petrol rates have exceeded Rs 100 a litre in many parts of the country, with diesel prices also coming close to Rs 100 a litre mark. It also […]
