CBIC guarantees a timely smoothness for the new commodity and services tax system from September 22nd

The Central Council for Innight Customs and Customs (CBIC) said on Thursday that it is working closely with industrial players to ensure free transfer from a defect to the Temple of the Tribal Tax and Services Tax (GST), which comes into effect as of September 22, on the first day of Navratrii.

CBIC Sanjay Agarwal, which deals with concerns about preparation, said that the Ministry of Tax has already begun in coordination with companies and software providers to upgrade background systems in time. “We are confident of the smooth transition to the framework of new commodity and services tax. The industry has been given two weeks to align their information technology systems, accounting platforms, and compliance units,” said Aguardus.

The Commodity and Services Tax Council, headed by the Federation’s Minister of Finance, Nermalla Sitramman, has approved the most severe reset of the indirect tax system since its launch eight years ago. At its 56th meeting on Wednesday, which lasted for more than 10 hours, the Council gave the green light to a two-thin-thinning system-by 5 % and 18 %-with a 40 % separate panel of high and sinful goods and commodities such as tobacco, advanced cars, and gambling.

With the latest repairs, the GST Council dismantled the previous four Slab structure by 5 %, 12 %, 18 % and 28 %, to replace it with a simpler system than two levels: a 5 % feature rate and a standard rate of 18 %. The plate will be applied by only 40 % to luxurious, sinful luxury and commodities such as the general Masala, tobacco and cigarettes.

The Council also agreed to reduce overall prices through daily consumption elements. Played foods such as fruit juices, butter, cheese, condensed milk, pasta, coconut water, soy milk drinks, nuts, dates and sausages will now face a lower surplus, with some elements such as high temperature milk, paranger, pizza husband, jurisdiction, custapati, and materials that work in school, like them, become a completely exempt elements. Medical basics, including medical oxygen, gauze, dressings, and diagnostic tools have been reduced to 5 % of 12 %.

It has also seen basic rates of hair oil such as hair, soap, shampoo, toothbrush, toothpaste, bicycles, kitchen tools, kitchen tools and other home articles to 5 % of 12-18 %.

White goods will also be cheaper, with air conditioners, TVs, dishwashers and similar laser tools to the slab with 18 % of 28 %. Small cars – defined as gasoline compounds with engines up to 1,200 cc and diesel up to 1500 cc of less than 4 METRES – will now attract only 18 % of commodity and services tax. Motorcycle less than 350 ° C and all car parts will also come less than 18 %. However, taxes will be imposed on large cars and four -wheel drive vehicles with 40 % higher panels. GST on electric cars is still unchanged at 5 %.

Insurance has received great satisfaction, as all health insurance products and individual health insurance-duration plans, Ulips, endowment policies, family buoys, and elderly covers-exempt from GST. Common wellness services taxes such as gyms, salons, barber shops and yoga centers will now be imposed by only 5 %, a decrease from 18 %.