The government has warned manufacturers that non-compliance of printing the revised price on unsold and new products will attract a maximum fine of Rs. 1,00,000 penalty and jail term for 1 year. This move mandates manufacturers to act soon to get the new rates enforced at all levels, as soon as possible. Source : http://www.business-standard.com/article/economy-policy/gst-impact-cos-face-jail-term-for-not-reprinting-revised-mrp-on-inventory-117070700552_1.html
The government has now released a new mobile app to know the GST Rates. The mobile app was launched on Friday to verify accurate tax rates on commodity and services under the new GST Act. The app is only available for Android platform as of this writing. It will soon be developed for iOS (Apple devices) too and can be used in offline mode once downloaded. If you don't have a smartphone you can also check this detail from website here: cbec-gst.gov.in . Get the app from Android Play Store: https://play.google.com/store/apps/details?id=in.gov.cbec.gsttaxratemanual Learn more .
GST Benefits, Rates Explained Goods and Services Tax is an indirect tax implemented on July 1st, 2017 throughout India. This replaced all the existing taxes that governed Goods and services across India. These were collectively called as cascading taxes levied by the State and Central Governments. This Act is formulated and governed by the GST Council whose Chairman is the Finance Minister of India. What taxes did GST replace: GST replaced several existing taxes including: services tax, customs duty, surcharges, octroi, central excise duty, inter-state transportation of goods. There are 4 different GST rates: 0%, 5%, 12%, and 18%. There is also a special rate of 0.25% on rough precious and semi-precious stones. The GST rate on Gold is 3%. In addition a cess of 15% or other rates on top of 28% GST applies on some items that aren't used by everyone in the society like aerated drinks, luxury cars, and tobacco products. What are the GST Rates on different products? Soaps 18% Washi...
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