Day: June 3, 2017

Highlights of GST Council Meeting on 03/06/2017

June 3, 2017

Finance Minister Arun Jaitley explained on the GST rates. Here are the highlights: 1. Packaged food items sold under registered trademarks to be taxed at 5 per cent. 2. GST on Agri machinery fixed at 5 per cent 3. GST on apparel below Rs 1,000 fixed at 5 per cent. 4. A nominal rate of […]

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Cases Where Input Tax Credits Not allowed

June 3, 2017

Input Tax Credits Not allowed in Following Eleven Circumstances as per Section 17(5)- 1. Motor Vehicles and other Conveyances except when such Vehicle used for – (a) Sale of Such Vehicles or conveyance; (Like Car Dealers) (b) Transportation of passengers; or (c) Imparting training on driving, flying, navigating such vehicles or conveyance; (d) Transportation of […]

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