Following a vertically divided opinion for taxation of gold under the Goods and Services Tax (GST) regime, the GST Council, which had chose to fix the tax rate on gold at 3 per cent, may consider increasing the rate over the years, the target being to reach the rate of 5 per cent. Sources said that the Council, having representatives of both states and Centre, was divided regarding the rate of GST on gold during the discussion in the fifteenth GST council meeting held on June 3.
However, some select medicines such as insulin will see a reduction in prices with the government revising GST rate downwards to 5 percent from 12 percent proposed earlier. And you are going to start GST from July 1. Hence, CITI is of the view that it would be justifiable to retain the same at 5 per cent GST slab. The West Bengal government has also sought a delay. Similarly, the GST for man-made fibre and yarn should be reduced to 12 %.
GST rates were also revised for computer printers, tractor components.
The Kannada film industry has demanded that they be put in the lowest tax bracket of 5 percent.
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The GST Council, headed by Finance Minister Arun Jaitley and comprising of representatives of all states, had in April come out with the draft e-way bill rules that made it necessary for any movement of goods, within or outside the state, having value of more than '50,000 to be registered with the GST-Network (GSTN) website.
After the last meeting of GST Council, Jaitley had said the Centre and states have completed discussion on most of the issues. However, tax on making charges of jewellery was kept at 18 per cent. "Under such situation, the manufacturer who does not have integrated composite units to complete the process of embroidery, doubling, printing and finishing as per the market requirements would have been in great loss as high taxed would have added to their cost and dented their profitability", said the chairman.
"A trader with an annual turnover of Rs 20 lakh is exempt from GST".