Goods and Service Tax - GST For Gold 3%

Goods and Service Tax - GST For Gold 3%    

GST council had its 15th meeting, chaired by Finance Minister Mr. Arun Jaitley, at Srinagar, hammered out almost all the related aspects to implement nationwide, the biggest tax reform since independence i.e. Goods and Service Tax (GST), at the scheduled date i.e. July 1, 2017, which aims to transform Asia’s third largest economy into a single market.

The GST Council had last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 8, 12  and 28 percent.

Following are the highlights of the 15th GST Council Meet:

Description Rate as fixed in the Meeting

Gold 3%

Gold Jewellery 3%

Gems and Jewellary 3%

Readymade Garments 12% (no cash refund on ITC)

Readymade Garments below Rs.1,000 5% (no cash refund on ITC)

Fabrics and Yarn of Cotton 5%

Manmade Yarn 18%

All categoriess of Textiles 5%

Packaged & branded Food items 5%

Fiber silk and Jute 0%

Manmade fiber 18%

Rough diamonds 0.25%

Polished or semi polished or on cut (diamonds) 3%

Tendu leaves 18%

Bidi 28% (no cess)

Footwear costing upto Rs. 500 5%

Footwear costing above Rs. 500 18%

Man- made apparel upto Rs. 1,000  5%

Man- made apparel above Rs. 1,000 12%

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