Finally after long wait GST has been the light of the day. On midnight of 30th June, 2017 when most of the people in India were sleep, GST, a new indirect taxation system for goods and services, conceived 11 years ago took birth at 00:00 hrs on 1st July, 2017.
So GST’s train has started rolling on its tracks. The concept of “one nation one tax” has taken an existence in principle. But is it so? The pulls and pushes of federalism and in view of ground realities of India, the outcome is anything but One Tax. Many commodities such as Alcoholic Beverages, Petroleum Products and Tobacco products are still out of GST. Multiple enactments and multiple taxation rates of NIL, 5%, 12%, 18% and 28% have eroded the boundaries of aforesaid concept of “one nation one country”.
Tariff is the backbone of any taxation law in as much it gives the description of taxable items in detail on which tax is leviable. The importance of descriptive tariff becomes more prominent when multiple rates of taxation are prescribed for various items. Central excise duties were leviable under section 3 of the central excise act, 1944 at the rates specified in first schedule to the central excise tariff act, 1985. This tariff has two components. One was the description of goods in detail specified with various parameters such as use, composition etc. which was based on HSN nomenclature. The second component was the rates of duty / tax for each of such items.
It has been a state policy to exempt small taxpayers, who have a huge employment potential, to prove them a level playing field the big and mighty enterprises with whom they have to compete in business. A large business house has a lower operational and production cost because of the volume of their production and business, thus for the survival of the small business, they are given tax exemptions and other incentives. This exemptions means that the units and the persons up to the annual turnover of Rs. 20 Lakh / Rs.10 Lakh would be outside the ambit of GST and would not be required to get registered.
Natural or cultured pearls, precious or semi-precious stones, precious metals, initiation jewellery
GST Rates
Prepared feathers and down and articles made of feathers or of down; artificial flowers; items of human hair
GST Rates
Optical, photographic, measuring, checking, precision, medical or surgical instruments and apparatus
GST Rates
Electrical machinery and equipment and parts, sound recorders and reproducers television image
GST RatesIf you have any queries regarding the information mentioned in www.gstinformation.com contact us through gstinformation.india@gmail.com
