JK govt to benefit from GST, will seek its passage in a

The good news is 50 per cent of the essential food items like rice, wheat and medicines will be exempted from any tax under the new tax regime.

Products like hair oil, soaps and toothpaste will become cheaper as these products would be taxed at 18 per cent instead of the current overall tax incide-nce of 22-24 per cent. Daily-use items like sugar, tea, coffee and edible oil will attract the lowest tax rate of five per cent, nearly the same as current incidence. "Gold is a luxury product".

The goods and services tax (GST) is slated for launch from July 1.

At present, telecom consumers are charged 15 per cent in form of tax and cess over their phone bills.

"Crucial GST meet to begin today" said the lead of Greater Kashmir, while The Tribune's Srinagar edition carried the story as the third lead on the front page with the headline, "Countdown begins for GST rate bracket". The tax rates will be decided in a fashion to keep their impact on inflation and revenues to the government near neutral. He said J-K, which is the only state enjoying special taxation powers, will make necessary changes to pass the GST bill, which is billed as the biggest tax reform in the history of independent India.

US Treasury Secretary hopes tax reform be completed this year
Mnuchin has previously said that a dynamic scoring model analysis showed the administration's tax cuts could pay for themselves. And, in performing its economic and reform agendas, the administration of U.S.

Belt and Road summiteers swear by open trade centred around WTO
Leaders from 29 countries are attending the forum, which China formally calls the scheme in English the Belt and Road initiative . This edition of the forum was attended by Pakistan Prime Minister Sharif, his Sri Lankan counterpart Ranil Wickramasinghe.

First Australian business infected in global cyber attack
The Microsoft President also added: "The governments of the world should treat this attack as a wake-up call". The president of Microsoft laid some of the blame at the feet of the US government.

Last week, the Reserve Bank called the GST a "game changer" and said given the cross-country experience and empirical evidence on efficiency gains from the Value Added Tax (VAT) in the Indian context, the implementation of this comprehensive indirect tax is likely to ensure higher tax buoyancy and an improvement in government finances over the medium term. "As per our estimate, we will have Rs 1500 to Rs2000 crore profits in tax revenue".

Currently, there are 17 items in the negative list of services on which service tax is not levied.

While tax slabs for about 80 per cent of items have already been decided, a decision regarding contentious items like motor vehicles, beedi, coconut oil was slated to be taken up for discussion during the meeting.

He said, "GST is beneficial for states which are importing goods from other states and we are importing everything".

Related news:

Hot News

Colorado man to be freed early now in immigration custody
May 20, 2017 - 07:45
Do you think they need to tone it down? But whether and to what extent they communicate with ICE depends on the sheriff. Cubans were also protected from deportation to Cuba because of the lack of diplomatic ties between the two countries.

isis-killer-beheading-video-story-top Pune beat Punjab to seal IPL play-off spot
May 20, 2017 - 07:42
Dhoni smacked 40 off 26 to propel RPS to a fighting total of 162 before Sundar crippled MI's chase early with his 3 for 16. About the 41 runs that Pune scored in the last two overs, Smith said that it released some pressure of the bowling.

isis-killer-beheading-video-story-top China's Xi willing to put South Korea ties back on track
May 20, 2017 - 07:42
The former South Korean prime minister was expected to meet with ranking Chinese officials, possibly including Chinese President Xi Jinping.

isis-killer-beheading-video-story-top Needle Moving Activity Spotted in The Gap, Inc. (NYSE:GPS)
May 20, 2017 - 07:41
Following the transaction, the director now directly owns 8,867,728 shares of the company's stock, valued at $217,968,754.24. The company's consensus rating is now Hold, with 3 analysts rating it a Strong Buy, and 12 analysts rating it with a Hold.

isis-killer-beheading-video-story-top Champions Chelsea target Premier League wins record
May 19, 2017 - 00:15
Chelsea defender Gary Cahill believes that his side have been the best team this season, despite being run close by Tottenham. The Italian said: "The club want to fight to win every competition".

isis-killer-beheading-video-story-top Trump threatens Comey: 'Better hope' there are no tapes of our conversations
May 19, 2017 - 00:15
President Trump threatened former FBI Director James Comey around the possibility that their private conversations were recorded. Adam Schiff of California, said that Trump should hand over any such tapes to lawmakers - or publicly admit none actually exist.

isis-killer-beheading-video-story-top Bernie Sanders Commends Special Counsel As A "Positive Step" In Russia Probe
May 19, 2017 - 00:06
That's why I think these investigations should not just be about the Comey memo. "I don't think we know exactly what happened". Kasich said the FBI investigation into the Trump administration needs to be completed in order to move forward.

Change _ good and bad _ comes quickly at the TPC Sawgrass
May 18, 2017 - 04:15
The 29-year-old has a history of back problems and has missed the cut in four of his nine tournaments this season. After back-to-back birdies following the turn, Day ended his round with three bogeys from his last four holes.

isis-killer-beheading-video-story-top Trump doesn't plan to use Israel trip to announce embassy move
May 18, 2017 - 04:15
Spicer said the wall's status would be discussed during the president's upcoming trip next week to Israel. Sovereignty over the city remains a striking point in peace talks.

isis-killer-beheading-video-story-top Sheffield professor's advice on how to protect yourself — NHS cyber attack
May 18, 2017 - 04:14
If past ransomware attacks are any guide, chances are pretty high that the data is gone forever. The attack primarily targeted users of Windows XP, an aging operating system for Microsoft .

Melissa McCarthy adds spice (and Spicer) as host of 'SNL'
May 17, 2017 - 02:28
And if simply casting a woman to play Spicer angered Trump, it was clear what would push him over the edge. Trump reassures Spicer that he won't replace him with Sanders ("She doesn't have your special spice").

isis-killer-beheading-video-story-top Terry mulls retirement after Sunderland match
May 17, 2017 - 02:22
A 4-0 win over West Brom in their third game saw Chelsea to the summit and again, they were not to be budged. Watford is already sure off its Premier League status heading into Sunday's final game against Liverpool.

Battle of the Sexes Trailer with Emma Stone & Steve Carell Arrives
May 17, 2017 - 02:07
With The French Open and Wimbledon right around the corner, the Grand slam matches are on the minds of every tennis fan. The match caught the zeitgeist and sparked a global conversation on gender equality, spurring on the feminist movement.

isis-killer-beheading-video-story-top Hackers threaten to leak "Pirates of the Caribbean"
May 17, 2017 - 02:05
The Disney hack comes as studios and production outfits have dealt with increasing security threats presented by hackers. Disney chief Bob Iger informed ABC employees of the hackers' scheme at a Town Hall meeting in NY on Monday.

Home Depot's quarterly profit jumps 12 percent
May 17, 2017 - 02:04
It turned negative, as 84 investors sold HD shares while 664 reduced holdings. 121 funds opened positions while 478 raised stakes. The institutional investors in our partner's database reported: 838.20 million shares, up from 837.48 million shares in 2016Q3.