REVISED LIST OF GST RATES FOR SERVICES AS APPROVED BY GST COUNCIL
SCHEDULE OF GST RATES FOR SERVICES AS APPROVED BY GST COUNCIL The rates of services were as discussed on 19 May 2017 during the 14 th GST Council meeting and as revised in 16 th and 17 th GST Council meeting. Sr. No. DESCRIPTION OF SERVICES Input credit GST RATE 1. Transport of goods by rail With ITC of Input Services 5% 2. Transport of passengers by rail (other than sleeper class) With ITC of Input Services 5% 3. Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use] No ITC 5% 4. Services of goods transport agency in relation to transportation of used household goods for personal use. No ITC 5% 5. Transport of goods in a vessel including services provided or agreed to be provided by a person located in non-taxable terri...
How it will impact us?
ReplyDeleteBuilders are calling buyers to pay all the money before GST to avoid higher rate of taxes under GST though the builders have not completed construction. so the MOF has released press release clarifying that because of anti profiteering clause (section 171, CGST Act) builders are asked to pass on the benefit of input credit to the customer so the ultimate burden of tax will be less and the same is clarified in detail in above press release..
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