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On 29 March 2017, CGST, IGST, UTGST and SGST compensation law passed in Loksabha [5] The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014 was introduced in the Lok Sabha by Finance Minister Arun Jaitley on 19 December 2014, and passed by the House on 6 May 2015.
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Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4]
Integrated Goods and Services Tax (IGST): tax for interstate sales. Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the ...
and other documents presented as per the provisions of the Fiscal Responsibility and Budget Management Act, 2003. for the financial year 2017 – 2018. It was presented before the parliament on 1 February 2017 by the Finance Minister of India , Arun Jaitley with 21.47 lakh crore rupees (US$336.39 billion) budget size.
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For example, if the FOB value is Rs.700/- per piece, and the value cap is Rs.500/- per piece, the DEPB rate shall be applied on Rs.500/-. The DEPB rate and the value cap shall be applicable as existing on the date of exports as defined in paragraph 15.15 of Handbook (Vol.1).
Disasters and accidents Malaysia Airlines Flight 370 The underwater search for missing Malaysia Airlines Flight 370 has been suspended. (CNN) International relations Germany–United States relations Deutsche Bank agrees to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the years leading up to the 2008 financial crisis ...