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GST Rates: All you need to Know




May 19 , Friday : The GST Council on Friday has come up with a finalized tax rates for services under the Goods and Services Tax (GST) which is all set to roll out from July 1 this year across the country.

After the two days meeting of the council in Srinagar, Finance Minister Arun Jaitey briefed media in which he made major announcements on GST regime.

Under the new tax reforms , there is a four-tier tax structure, of 5, 12, 18, and 28 percent that will be followed. The Healthcare , third tier railway travel and education services has been exempted from this.

Below we have enlisted new finalised GST rates which all you need to know.

  • Transport services will be taxed at 5%. This rate will apply to cab companies like Ola and Uber as well as those who presently pay 6% tax.
  • AC railway tickets will attract 5 % tax.
  • Travelling in metro, local train and religious tour will be exempted.
  • Economy class air travel will be charged  5%.
  • Business class travel by airlines will come under 12 per cent tax slab.
  • Hotels and restaurants  will be levied different tax rates, depending on their services as  for Non AC -12% , AC – 18%, five star – 28% GST will be charged on food bill.
  • Hotels and lodges levying per day tariff of Rs 1,000 would be exempted from GST.
  • Hotels charging between of Rs 1,000 to 2,000 per day will fall under 12% slab while those with tariff of Rs 2,500 to Rs 5,000 would charge 18%.
  • Five Star hotels will attract 28%.
  • No tax on lottery.
  • Entertainment tax will be merged with service tax.
  • Telecom and financial services will be taxed at a standard rate of 18%. Transport services will be taxed at 5%.
  • Most of the food items exempted from GST  including wheat, rice , milk and much more.
  • Tax for gold and costier metal will discussed in next GST meeting which is scheduled on June 3.

Wefornews Bureau 




Would not let any political party join me, says Anna Hazare



New Delhi, March 24:  Social activist Anna Hazare, who is on indefinite hunger strike, said that he would not let any political party join him.

Speaking to ANI, anti-corruption crusader said that whoever will join the movement with him, has to sign an affidavit stating that they’ll neither join any political party or group nor will participate in elections.

“Whoever joins the movement, signs affidavit which states, that they’ll neither join any political party or group nor will contest elections, ensure service to country, society and maintain good character. I’ll not let any political party or group come on this stage,” Hazare asserted.

Hazare began his indefinite fast at Ramlila Ground on Friday in a bid to bring about a competent Lokpal and ensure better production cost for farm produce.

The Gandhian has been pressing for setting up of the Lokpal at the Narendra Modi government and Lokayuktas in the states, besides implementation of the Swaminathan Commission report, which has recommended measures to meet the agrarian distress.


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CBI books two cases in Rs 539-crore IDBI fraud in Andhra, Telangana



CBI raids

Hyderabad, March 24: The Central Bureau of Investigation (CBI) has booked 41 persons including three officials of the Industrial Development Bank of India (IDBI) for cheating the bank to the tune of Rs 539 crore in Andhra Pradesh and Telangana.

The federal agency registered two separate cases relating to large-scale frauds in IDBI branches in the two states in sanctioning pisciculture loans.

In the first case, 31 persons including IDBI’s General Manager Battu Rama Rao and former Chief General Manager R. Damodaran, 22 aggregators and bank panel valuers were booked for cheating the bank to the tune of Rs 445.32 crores. Rama Rao has also been removed from the service.

The central agency booked the accused on charges of criminal conspiracy, cheating, forgery, criminal misconduct and misappropriation.

The action came after a complaint by IDBI official in Hyderabad that about 220 borrowers, consisting of 22 aggregators, conspired with IDBI bank officials at its Basheerbagh (Hyderabad) and Siripuram (Visakhapatnam) branches, along with bank panel valuers, and availed Kisan Credit Card (KCC) and pisciculture loans through 220 loan accounts from different branches of the bank aggregating Rs 198.28 crore

The loans, which were availed on the basis of fake documents and overvalued collateral property, subsequently become NPA. The outstanding amount as on September 2017 stood at Rs 445.32.

It was found that pisciculture or no other fish farming activity was ever taken up in the said lands in East and West Godavari and Krishna districts of Andhra Pradesh and Adilabad district in Telangana and that sanctioned loans were misappropriated.

Bank panel valuers Lt. Col. B.K. Sahoo, Aakar Consulting Engineers, R.A. Sharma, M.V. Srinivasulu, Subha Syndicate, Srinivasa Rau and Somasekhara Rao were among those booked.

In the second case, the CBI booked a IDBI official and nine others for defrauding the bank to the tune of Rs 93.73 crore.

Chandrasekhar Harish Chennapagari, who was working as Assistant General Manager at Guntur branch of IDBI, allegedly abused his official position to process and sanction 142 pisciculture loans from 2010 to 2012. He has been removed from service by the IDBI.

Investigations revealed that the loans were sanctioned on the basis of fake documents. The accused include a bank panel valuer, a bank panel advocate, aggregators and individual borrowers.


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PNB Scam: ED attaches Nirav Modi’s properties worth Rs 25 cr



New Delhi, March 24: The Enforcement Directorate (ED) on Saturday said that it has attached properties worth Rs 25 crore of diamond jeweller Nirav Modi in connection with its ongoing probe into the Rs 13,540 crore PNB fraud case.

An ED official told IANS that the searches were carried out on Thursday at Nirav Modi’s palatial residence ‘Samudra Mahal’ in Mumbai along with a Central Bureau of Investigation (CBI) team.

The official also said that the searches continued till Saturday morning and resulted in the seizure of antique jewellery worth Rs 15 crore, high-end watches valued at Rs 1.40 crore and paintings worth Rs 10 crore that includes artworks by M.F. Hussain, K.K. Hebbar, Amrita Shergil.

The ED also attached a diamond ring valued at Rs 10 crore.

The financial probe agency’s action comes after it registered a separate case against the diamond jeweller and his uncle Mehul Choksi of the Gitanjali Group for defrauding the banks to the tune of Rs 13,540 crore.

Till date, the ED has carried out searches at over 251 properties across the country and seized diamond, gold, precious and semi precious stones, pearls.

The ED has also attached immovable properties belonging to Nirav Modi Group and Mehul Choksi group to the tune of Rs 7,638 crore.

Choksi, Nirav Modi and his family fled in January around a month before the PNB filed first complaint against them about the fraud and they are still at large.

With Agencies Inputs 

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