GET Stock QuotesNews18 APP
News18 English

SPONSORS

Powered by cricketnext logo
»
1-min read

MSME Approaches Finance Ministry to Exempt Khadi From GST

At present only Khadi yarn produced in the sector is exempted, while other Khadi products attract a 5% Goods and Services Tax (GST) levy.

PTI

Updated:August 10, 2017, 8:43 PM IST
facebookTwittergoogleskypewhatsapp
MSME Approaches Finance Ministry to Exempt Khadi From GST
Image for representation.
New Delhi: The MSME Ministry has asked its Finance counterpart to consider exemption of Khadi sector from GST or ensure a seamless flow of input tax credit for Khadi Institutions to claim it, the government said in Parliament on Thursday.

At present only Khadi yarn produced in the sector is exempted, while other Khadi products attract a 5% Goods and Services Tax (GST) levy.

The entire Khadi and Village Industries sector has enjoyed the benefit of tax exemption even in pre-independence era.

"With the exemption to the SSI sector being drastically reduced from the existing Rs 150 lakh to Rs 20 lakh, the exemption cover enjoyed by many of the Khadi Institutions has been removed. Khadi Institutions are now mandated to obtain registration under GST and also pay GST on various Khadi products which is 5%," Minister of State for MSME Shri Giriraj Singh said in a written reply in Rajya Sabha.

The minister informed that the products of the Village Industries sector were taxed at zero to 14.30% before the GST while post-GST, the same products attract 12%-28% tax.

"Ministry of MSME has approached Ministry of Finance to consider the sector for exemption from GST or to ensure a seamless flow of input tax credit in order for Khadi Institutions to claim input tax credit," Singh said.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jubilant Food 2,093.30 +149.95 +7.72
Yes Bank 349.35 +8.15 +2.39
ITC 274.55 +1.15 +0.42
ICICI Bank 353.60 +7.45 +2.15
SBI 309.25 +6.00 +1.98
Company Price Change %Gain
ICICI Bank 353.55 +7.45 +2.15
HDFC 1,900.45 +3.45 +0.18
Sunteck Realty 417.15 +18.95 +4.76
Power Grid Corp 196.00 -1.20 -0.61
Maruti Suzuki 9,321.35 -37.65 -0.40
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 1,301.80 +58.10 +4.67
Adani Ports 433.45 +17.20 +4.13
Bajaj Finance 1,701.90 +41.20 +2.48
Yes Bank 349.35 +8.15 +2.39
ICICI Bank 353.60 +7.45 +2.15
Company Price Change %Gain
Adani Ports 433.75 +19.40 +4.68
Yes Bank 348.30 +8.05 +2.37
ICICI Bank 353.55 +7.45 +2.15
SBI 309.05 +6.30 +2.08
TCS 2,954.75 +44.65 +1.53
Top Losers
Company Price Change %Gain
Ambuja Cements 268.60 -7.05 -2.56
UltraTechCement 4,300.00 -108.65 -2.46
Infosys 1,143.45 -9.25 -0.80
Sun Pharma 572.10 -4.60 -0.80
Maruti Suzuki 9,323.95 -44.75 -0.48
Company Price Change %Gain
Infosys 1,143.25 -9.50 -0.82
Sun Pharma 572.00 -4.25 -0.74
Maruti Suzuki 9,321.35 -37.65 -0.40
ONGC 193.60 -0.45 -0.23
NTPC 172.35 -0.15 -0.09

Live TV