• Posted: 2018-12-24
  • By: Admin

GST NEWS

*For travel by non-scheduled/chartered operations for religious pilgrimage which are facilitated by GoI under bi-lateral agreements.

Others:
-GST on the composite supply of goods attracting 5% GST rate where it is supplied along with the supply of construction services and other goods for solar power plant, is now levied as follows:

  • 70% of value is considered as supply of goods and taxed at 5% GST.
  • Remaining 30% of the EPC contract value is supply of service and attracts standard tax rate for service.

-Rate of 5%/18% to be applied based on transaction value of footwear.
-Uniform GST rate of 12% on Flexible Intermediate Bulk Container (FIBC) from existing 5%/12% (depending on the value).

Goods recommended for exemption

  • Supply of gold by Nominated Agencies to exporters of article of gold Jewellery.
  • Proceeds received by Government from auction of gifts received by President, Prime Minister, Governor or Chief Minister of a State and public servants, the proceeds of which is used for public or charitable cause.
  • Vehicles imported for temporary purposes under the Customs Convention on the Temporary importation of Private Road Vehicles (carnet de passages-en-douane) will be exempt from IGST and Compensation cess.

 

Services recommended for exemption

  • Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under
    Pradhan Mantri Jan Dhan Yojana (PMJDY)
  • Services supplied by rehabilitation professionals recognised under Rehabilitation Council of India Act, 1992 at hospitals, schools or rehabilitation centres established by Government or charitable institute registered under Section 12AA of The Income tax Act,1961.
  • Loan guarantee services provided by Government to its undertakings and PSUs for bank loans.