Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 5.0
Article rating: 3.3
Article rating: 5.0
RSS

News

Proposed GST rates on sugar, tea lower

Author: IANS/Friday, May 26, 2017/Categories: TRACKING THE GST

Proposed GST rates on sugar, tea lower

New Delhi (IANS) - The proposed Goods and Services Tax (GST) rates on sugar, tea, coffee (other than instant coffee) and milk powder will be much lesser than prevailing taxes, the Finance Ministry said on Thursday.

"Sugar attracts specific central excise duty of Rs 71 per quintal, plus cess of Rs 124 per quintal, which translates to ad valorem rate of more than 6%. Including incidence on account of CST, octroi, and entry tax, the present total tax would work out to more than 8%. The proposed GST rate on sugar is only 5% - that is 3% less," a Ministry statement said.

"Tea and coffee attract nil central excise duty and VAT (value-added tax) rate of 5%. Considering embedded taxes in production of tea and coffee and the incidence on account of CST, octroi and entry tax, the present total tax works out to more than 7%," the statement said. The proposed GST rate for tea and coffee (other than instant coffee) is only 5%.
 
Similarly, milk powder attracts nil central excise duty and 5% VAT. Considering embedded taxes in production of milk powder and incidence on account of CST, octroi, and entry tax, the present total tax incidence works out to more than 7%.  The proposed GST rate on milk powder is only 5%, it said.
 
 

Print Rate this article:
No rating

Number of views (191)/Comments (0)

S Vijaykrishnan
S Vijaykrishnan

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free