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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
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GST on Tractor Parts Cut to 18%, Job Work on Textile to 5%
Arun Jaitley said the frauds have a cost to the country as well as to the tax payer.
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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.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Mayur Borah
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