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Quick review of GST India rates in 2017



GST Bill

New Delhi, May 19: Goods aligned in five slabs of taxation ie. 0%, 5%, 12%, 18%, 28% by the GST Council, the apex decision-making body for the new tax which is to be applicable from this July 1.

Tax rates have been finalised for 1,211 items.Businesses have about 40 days to go through with full clarity on the tax rates. Most large companies have already put in place software systems for GST.

According to Council,there may be some changes, giving a window to stakeholders to quickly get their concerns addressed before the transition.

GST complete list on different items:-

Nil rate (0%):
There will be no tax on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom etc.

Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 percent.

Frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, and cellphones will attract 12 per cent tax.

Most of the items are under this tax slab which include flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.


The highest rate of tax are on the items-Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, and yachts.

Wefornews Bureau


Key Indian equity indices open lower




Mumbai, March 20: The key Indian equity indices opened on a negative note on Tuesday.

The wider Nifty50 of the National Stock Exchange (NSE) traded lower by 38.45 points or 0.38 per cent at 10,055.80 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,876.48 points, traded at 32,826.94 points (9.25 a.m.) – down 96.18 points or 0.29 per cent — from its previous session’s close.

The Sensex has so far touched a high of 32,876.65 points and a low of 32,810.86 points during the intra-day trade.

The BSE market breadth was bearish with 907 declines and 351 advances.


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Twitter likely to ban cryptocurrency ads, claims Report

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.




San Francisco, March 19: After Facebook and Google, now microblog platform Twitter likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) related advertisements.

News agency IANs citing a Sky News report on Monday stated the new Twitter policy will be rolled out within in two weeks.

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.

Last week, Google announced that it will debar advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms.

The ban on such advertisements will be effective from June.

“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” Scott Spencer, Google’s Director of Sustainable Ads, said in a blog post.

“In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting,” the search engine giant asserted.

In 2017, Google scrapped more than 3.2 billion ads that violated its advertising policies.

The search also blocked 79 million ads in its network for trying to send people to malware-laden sites and removed 400,000 of these unsafe sites last year.

In January, social media giant Facebook put a ban on all ads promoting cryptocurrencies, including Bitcoin and ICOs.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” stated Rob Leathern, Product Management Director at Facebook.


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Global cues, fears of political instability dent equity indices




Mumbai, March 19: Negative Asian cues — on the prospect of higher interest rates in the US and global trade wars — pulled the key indices of the Indian equity market lower during the early morning session on Monday.

Apart from global cues, fears of domestic political instability dented investors’ risk-taking appetite. However, value buying had initially pushed the equity indices higher.

According to market observers, heavy selling pressure was witnessed in oil and gas, metals and auto stocks.

At 9.30 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 33,142.37 points — down 33.63 points, or 0.10 per cent, from its previous close of 33,176 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged-lower. It was down by 17.90 points, or 0.18 per cent, to close at 10,177.25 points.


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