Quick Guide GST 2017 and Which taxes at the Centre and State level are being subsumed into GST?


July 1, 2017 Facebook Twitter LinkedIn Google+ Blogging



The Goods and Services Tax (GST), India’s biggest tax reform in 70 years of independence. President Mukherjee & Prime Minister Narendra Modi launching India’s most definitive tax reform since independence, the Goods & Services Tax (GST) at Parliament’s Central Hall on the midnight of 30 June 2017 in a special session. It was the fourth time since Independence that an event was held at midnight.



GST RATE SCHEDULE FOR GOODS [As per discussions in the GST Council Meeting held on 18 June 2017 ] Item Wise GST Rates Decided on 18th June 2017 on Certain Services

Decisions with respect to GST rates for Services


1. It has been decided in respect of the service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services and GST paid on ships, vessels including bulk carriers and tankers.

2. It has been decided that accommodation in hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes where room tariff is Rs 2500/- and above but less than Rs 7500/- per room per day shall attract GST rate of 18% with full ITC.

3. Accommodation in hotels including 5 star and above rated hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes, where room rent is Rs 7500/- and above per day per room shall attract GST rate of 28% with full ITC.

4. Supply of Food/drinks in air-conditioned restaurant in 5-star or above rated Hotel shall attract GST rate of 18% with full ITC.




  • GST would replace the following taxes currently levied and collected by the Centre:-

    • a) Central Excise Duty
    • b) Duties of Excise (Medicinal and Toilet Preparations)
    • c) Additional Duties of Excise (Goods of Special Importance)
    • d) Additional Duties of Excise (Textiles and Textile Products)
    • e) Additional Duties of Customs (commonly known as CVD)
    • f) Special Additional Duty of Customs(SAD)
    • g) Service Tax
    • h) Cesses and surcharge in so far as they relate to supply of goods and services.
  •  State taxes that would be subsumed within the GST are:-

    • a) State VAT
    • b) Central Sates Tax
    • c) Purchase Tax
    • d) Luxury Tax
    • e) Entry Tax (All forms)
    • f) Entertainment Tax and Amusement Tax (except those levied by the local bodies)
    • g) Taxes on advertisements
    • h) Taxes on lotteries, betting and gambling
    • i) State cesses and surcharges in so far as they relate to supply of goods and services.




The Effort and Work Done

10 Years… In Making

14 EC Meetings in 10 years and 13 GSTC Meetings in 6 months

30 + Sub-Groups & Committees

175 + Officers Meetings

18000 + Man Hours of discussion by GST Council

Constitution Amendment and 5 Laws approved by collaborative effort

CBECMITRA HELPDESK :-

Toll free Helpline: 1800-1200-232

Email: cbecmitra.helpdesk@icegate.gov.in

GSTN HELPDESK :- 0124-4688999

Email: helpdesk@gst.gov.in

Tweet us at @askGST_GoI for any GST related query

 

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