The GST rates on textile job works like stitching and embroidery, and tractor parts were cut on Saturday, while e-way bill provisions relating to online pre-registration of goods before transportation were relaxed.
The all-powerful GST Council, headed by finance minister Arun Jaitley and comprising representatives of all states, decided to tax all job works in the textile sector, from embroidery to weaving, at five percent instead of previously decided 18 percent.
This 5 percent rate will be applicable for job works in apparel, shawls and carpets. To make farm equipment cheaper, tractor parts would attract the Goods and Services Tax (GST) rate of 18 percent instead of 28 percent previously.
Government work contracts would attract 12 percent GST with input tax credit, Jaitley said.
The Council also gave in-principle approval to anti-profiteering measures and setting up of a Screening Committee in 15 days to see if tax reductions after implementation of GST have been passed on to consumers
No comments:
Post a Comment