GST Council on Saturday agreed to issue a clarification on taxation of popcorn, saying that pre-packed and labelled ready-to-eat snacks will attract a 12 per cent tax while an 18 per cent GST will be levied if it is caramelised. There is no change in the tax rate of popcorn and the GST Council has only agreed that the Central Board of Indirect Taxes and Customs (CBIC) will issue a circular clarifying the current taxation regime of popcorn. "Ready-to-eat popcorn", which is mixed with salt and spices, and has the essential character of namkeens currently attracts a 5 per cent GST if it is not pre-packaged and labelled. If it is supplied as pre-packaged and labelled, a 12 per cent GST is levied. However, when popcorn is mixed with sugar (caramel popcorn), its essential character changes to that of a sugar confectionary, and would therefore be classifiable under HS 1704 90 90 and attract an 18 per cent GST, as per the clarification.
Mondal discussed the future plan of the companies along with the emerging challenges for the sector
The two ministerial panels set up by the GST Council are slated to meet on October 19 to discuss GST rate rationalisation and lowering 18 per cent tax rate on health and life insurance premiums. This would be the first meeting of the 13-member GoM, under Bihar Deputy Chief Minister Samrat Choudhary, which was set up to suggest tax on health and life insurance premiums. The panel, which includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana, has been mandated to submit its report to the GST Council by October end. Currently an 18 per cent GST is levied on health and life insurance premiums and the GoM would be suggesting tax rate of health/medical insurance including individual, group, family floater and other medical insurance for various categories like senior citizens, middle class, and persons with mental illness. It would also suggest tax rates on life insurance, including term
Ahead of the GST Council meeting on September 9, the Group of Ministers (GoM) on GST rate rationalisation will meet here on Thursday, officials said. This will be the first meeting of the high profile GoM comprising ministers of seven states with Bihar Deputy Chief Minister Samrat Chaudhary as the convenor. The other members of the panel are West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, Kerala Finance Minister K N Balagopal, Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, Rajasthan Medical, and Health Services Minister Gajendra Singh. "The GoM will meet today to take stock of the progress and the future course of action," an official said. The GST Council, in its previous meeting in June, had tasked the GoM to give a broad overview of the work done or a draft report on GST rate rationalisation. It would include the status of the work and aspects covered by the panel so far and work pend
The DGGI has sent show cause notices to airlines such as Emirates, Singapore Airlines, Lufthansa, British Airways, Oman Air and five others
Council likely to meet by end of this month or first week of July
Court held crackle is not intended for direct consumption by users but as an industrial input
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The panel will likely propose the classification at the next GST Council meeting, which is expected to be held at the end of May or in June
GST Council also decided to clear the entire dues of GST compensation pending to states
Tax outflows drive tightness; banks face pressure to raise deposit rates
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated. "A fresh look is needed at the capital gains tax with respect to its rates and holding period to remove complexities and inconsistencies. Moreover, the Government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," CII President Sanjiv Bajaj said. Tax certaint
Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates
Group of ministers to seek legal opinion for the move
High equipment costs and shortage of skilled manpower a challenge, despite MeitY push
Holds that an answer booklet is a good, whereas printing question paper is a service provided to educational institution
Apex court says it is the bidders' responsibility to find out the relevant HSN code
Group of ministers headed by Karnataka Chief Minister Basavaraj Bommai is working on the second round of GST rate changes, a news report said
Congress MPs including Rahul Gandhi were detained at Police Lines Kingsway Camp during their protest against the Centre
Senior Congress leader P Chidambaram on Sunday criticised the government over the increase in GST rate on scientific equipment