GET Stock QuotesNews18 APP
News18 English
cricketnext
»
1-min read

GST on Tractor Parts Cut to 18%, Job Work on Textile to 5%

The GST Council, headed by Finance Minister Arun Jaitley, also finalised the e-way bill that mandates pre-registration of all goods worth over Rs 50,000 before they are moved for sale beyond 10 km.

PTI

Updated:August 5, 2017, 9:33 PM IST
facebookTwittergoogleskypewhatsapp
GST on Tractor Parts Cut to 18%, Job Work on Textile to 5%
Arun Jaitley said the date of application of the e-way bill would be notified shortly. (Photo: PTI)
New Delhi: The GST Council on Saturday cut tax rate on some tractor parts from 28 per cent to 18 per cent and lowered the rate on job work on all textile related items to 5 per cent instead of 18 per cent.

The GST Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, also finalised the e-way bill that mandates pre-registration of all goods worth over Rs 50,000 before they are moved for sale beyond 10 km.

Briefing reporters after the meeting, he said the date of application of the e-way bill would be notified shortly. It will not be applicable for exempted goods. Work contracts under GST will be taxed at 12 per cent with input tax credit.

He said more than 71 lakh central and state taxpayers have migrated to the Goods and Services Tax (GST) system and and have completed registration. Another 15.67 lakh new applications for registration have been received.

He appealed to businesses to pass on the benefit of the reduced tax under GST to consumers, failing which the anti-profiteering mechanism will be triggered.

The Council will meet next on September 9 in Hyderabad, Jaitley added.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Infosys 897.15 -26.10 -2.83
BEML 1,895.25 +10.60 +0.56
YES BANK 1,734.50 +13.75 +0.80
Bharat Fin 876.10 -0.50 -0.06
Tata Steel 636.95 +11.30 +1.81
Company Price Change %Gain
Infosys 898.35 -24.75 -2.68
Dr Reddys Labs 1,989.20 +6.30 +0.32
Reliance 1,581.30 +5.90 +0.37
ITC 284.50 +2.70 +0.96
Centrum Capital 70.40 -2.05 -2.83
Top Gainers
Company Price Change %Gain
ONGC 164.35 +3.45 +2.14
BPCL 513.15 +9.85 +1.96
Vedanta 304.25 +5.85 +1.96
Tata Steel 636.95 +11.30 +1.81
Hindalco 233.70 +3.65 +1.59
Company Price Change %Gain
ONGC 164.25 +3.50 +2.18
Tata Steel 636.80 +11.40 +1.82
ICICI Bank 297.60 +4.55 +1.55
Coal India 246.15 +2.85 +1.17
ITC 284.75 +2.95 +1.05
Top Losers
Company Price Change %Gain
Infosys 898.20 -25.05 -2.71
Cipla 561.45 -3.85 -0.68
Asian Paints 1,134.20 -5.80 -0.51
Sun Pharma 467.95 -2.20 -0.47
Zee Entertain 509.00 -2.60 -0.51
Company Price Change %Gain
Infosys 898.20 -24.90 -2.70
Cipla 561.75 -3.95 -0.70
Sun Pharma 467.75 -2.25 -0.48
Asian Paints 1,135.00 -4.90 -0.43
Lupin 937.15 -3.60 -0.38

Live TV