Looking for the updates of the 12th GST Council Meeting? Here are the most important ones-
The 12th GST Council meeting headed by the Finance Minister Arun Jaitely was held on 16th March 2017. The motive of the said meeting was to get the two remaining supplementary bills i.e. SGST and UTGST. The main highlights of the said meeting were as follows.
While the cess on luxury goods such as luxury cars and aerated drinks would be 15%, the cess on certain goods will be very high. The cap on the tobacco and cigarettes would be 290% or Rs. 4170 per 1000 cigarettes sticks whereas on pan masala the cap would be 135% and the ceiling of the cess on coal and lignite would be 400 per ton. That means for example if you sell 5 tons of coal that have value of 20000 rs. you will have to pay an extra 2000 rs. as cess. GST for the shipment would be 1000 rs at the rate of 5% hence tour total tax liability on 5 tons of coal would be 3000 rs.
Source- gstcouncil.gov.in
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