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GST council finalises e-way bill, cuts rate on tractor parts

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Google Oneindia News

Finance Minister Arun Jaitley on Saturday said GST for some tractor parts reduced from 28 pc to 18 pc; job work on textile related items will be taxed 5 pc instead of 18 pc.

Briefing reporters after the meeting he said Work contracts under GST will be taxed at 12 per cent with input tax credit.

Arun Jaitley

He said more than 71 lakh central and state taxpayers have migrated to the Goods and Services Tax (GST) system and and have completed registration. Another 15.67 lakh new applications for registration have been received.

He appealed to businesses to pass on the benefit of the reduced tax under GST to consumers, failing which the anti-profiteering mechanism will be triggered.

The GST Council, headed by Jaitley and comprising representatives of all states, also finalised the e-way bill that mandates pre-registration of all goods worth over Rs 50,000 before they are moved for sale beyond 10 km.

The next GST Council meeting will be held on September 9 in Hyderabad.

PTI

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