Dear All,
In our Endeavour to keep you updated with the latest upcomings on GST from the government and industry at large, please find below the key points on the final GST Rates and rules by the GST council in their meeting held on 03rd June 2017:
- The main objective of the meeting was to decide tax rates on six left over items from the last meeting which included gold, textiles and footwear which is as below:
| Item |
Rate |
| Apparel below Rs 1,000 |
5% |
| Biscuits |
18% |
| Readymade Garments |
12% |
| Yarn and Fabric- Cotton |
5% |
| Footwear priced above Rs 500 |
18% |
| Gold, Gems, Jewellery |
3% |
| Rough diamonds |
0.25% |
The GST Rate schedule for these above items as finalized on 3.7.2017 is also
attached for your ready reference.
- The GST Council has also cleared all the pending rules related to transition provisions and returns.
- GST Council has further proposed to set up a committee to look into complaints regarding anti-profiteering matters under GST.
- The GST Council will again meet on June 11 (Sunday) for its 16th meeting to further finalize the Procedural aspects for the Rollout from 1st July 2017.
The copies of the Rate structure and compensation cess is also attached for your ready reference.
Hope the same is useful for you to understand the rate of tax applicable to your business products.
In case of any clarification require on the same please feel free to contact us.
For read more click on below link
Chapter-wise-rate-wise-gst-schedule-03.06.2017
Chapter-wise-rate-wise-gst-schedule-18.05.2017
Schedule of GST rates for services 
