Health Care

Cereals, hair oil, soaps to cost less in GST; cess on cars

Cereals, hair oil, soaps to cost less in GST; cess on cars

Motorcycles with engine of more than 350 cc will attract 3 per cent cess and an equal amount of levy will be applying to aircrafts for personal use and yachts. Mr. Jaitley said that in case the Council is unable to complete discussions, it might decide to meet again in the "near future".

The rates fixed during the meet will be charged from July 1, the scheduled date for rollout of GST which is also India's biggest tax overhaul since independence.

India's Finance and Defence Minister Arun Jaitley arrives to attend a two-day meeting of the Goods and Services Tax (GST) Council, comprising federal and state finance ministers, in Srinagar May 18, 2017. Life-saving drugs will be subject to 5 percent tax.

Vikram Mahaldar, VP & global sales head of OCM Pvt Ltd believes that after the GST is imposed, mills and buyers will have to pay extra money for fabrics made from natural fibre, as they are exempt from any taxes in most part of the country.

Retail inflation drops to four-month low of 3.85% in April
IIP grew 2.7% in March according to the new series, compared with 2.5% according to the old series. The factory output, as per the IIP's new base year, had increased by 3.4 per cent during 2015-16.


"However, segments like synthetic fabrics, the price increase can be offset, to an extent, with lower cost of inputs, which are taxed", Mahaldar told F2F.

Currently, there are 17 items in the negative list of services on which service tax is not levied. As soon as the meeting started, Jaitley informed the gathering about the sad demise of Union Environment Minister Anil Madhav Dave who passed away today at the age of 60 at his residence in the national capital.

Milk, cereals (unpackaged and unbranded), and jaggery will be exempt from any GST, while sugar, tea, coffee (except instant), and edible oil will be taxed at 5%. In all, rates for 1,211 items have been finalised. "The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise, it's not going to be very significantly different (from present)", he had said at the annual meeting of industry body CII in New Delhi on April 28. "As a member of the GST council, Odisha has been actively participating in the designing of legislations, " he said. So there will be a substantial reduction as far as those items are concerned.


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