News Bureau

May 20, 2017

GST rate not decided for GJ products!

The 14th GST meeting has kept GJ product’s rate structure pending!

The 14th Goods and Services Tax (GST) Council meeting chaired by the Union Finance Minister Shri Arun Jaitley approves GST rates for goods and GST Compensation Cess yet products of GJ (gem-n-jewellery) is not classified! Though sooner the GST Council would process!

The 14th Goods and Services Tax (GST) Council Meeting, chaired by the Union Minister of Finance Shri Arun Jaitley, was held at Srinagar, Jammu and Kashmir yesterday. The fitment of rates of goods was discussed during the Council meeting. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The Council has also broadly approved the rates of GST Compensation Cess to be levied on certain goods.

The information has been uploaded after the GST Council’s decision on the website of Central Board of Excise and Customs (CBEC). It will be subject to further vetting during which the lists may undergo some changes.

The fitment of rates of goods was discussed during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. GST rates for certain goods like textile, footwear, biris, precious metals, etc. are yet to be decided by the GST Council. The footnote below the table gives the list of such goods:

The rate structure for the following commodities is yet to be decided: 1. Biri wrapper leaves (tendu patta),

2. Biscuits, 3. Biris, 4. Textiles, 5. Footwear, 6. Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation, jewellery; coin, 7. Power driven Agricultural, horticultural, 8. Forestry, 9. Poultry keeping or bee-keeping machinery, 10. Harvesting or threshing machinery, 11. Machines for cleaning, sorting or grading, 12. Machinery used in milling industry and parts thereof.

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