Page 32 - Plastics News June 2017
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FEATURES
FEATURES
Why GST?
Need for an efficient GST Regime
Tax on Tax! Different states different
rates & provisions
Non-creditable taxes Multiple taxes
Multiple audits / assessments
Goods or Services? High Compliance
Costs
Existing Tax Regime
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On what will GST apply & How?
GST - Proposed structure
1 Framework 2 Coverage 3 Proposed Rates
12%
0% 28%
5%
18%
Dual GST Subsumed: Pipe 18%
Excise duty, CVD, SAD, Service
CGST by Centre, SGST by State Fittings / Ball Valve 18%
IGST on inter-state supplies tax, VAT, CST, Entry tax, Purchase
tax, Entertainment Tax, Luxury Adhesive 18%
Tax, Cesses
Place of supply Sanitary Ware 28%
Excluded levy:
Specific provisions
Basic Customs Duty, Entertainment
Tax at Municipal level, Electricity
Exemption / incentive Duty
schemes
Excluded goods:
Post tax refund scheme
Natural Gas, Motor-spirit, HSD,
ATF, Petroleum Crude, Alcoholic
liquor
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Plastics News | June 2017 32