- Tag results for Tax_Rates
Congress general secretary in-charge of Gujarat said that the GST Council yesterday decided to cut the tax rates due to the pressure mounted by Gandhi
As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both AC and non-AC.
At present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders currently pay 1 per cent.
Countries around the world are suffering the consequences of rising internal inequality and should seriously consider redistributing wealth through tax policies and transfers.
The largest US labor union, meanwhile, denounced the new plan as a "con game" likely to result in cuts to essential public services and social spending in the coming years.
The app helps users to find rates of GST levied on various goods and services.
Despite no change in tax rates, the Greater Chennai Corporation’s revenue has shot up by 16.82 per cent, thanks to demonetisation.
Tax rates on certain kitchen items like pickles and mustard sauce, as well as movie tickets costing up to Rs 100 have been lowered.
But companies should pass on to consumers the benefit of reduction in taxes under GST, he added.
The new tax proposal proposes to bring down the corporate tax from the current 35 per cent to 15 per cent, significantly lower individual tax rates.
The GST Council had yesterday decided that the cess on tobacco products will be capped at a combination of Rs 4,170 per 1,000 sticks or ad valorem of 290 per cent in the new indirect tax regime.
Prime Minister Narendra Modi met with independent economists and experts at NITI Aayog on Tuesday and solicited their suggestions on the ways to bring down the tax rates.