Month: January 2020

GST Exemption on Gold, Silver and Platinum

As per the GST Council meeting held on 20th September 2019, the council announced exempted or reduced Goods and Services Tax in the interest of the public. Of which, the GST is exempted on the export of Gold, Silver and Platinum. This revised rate of GST is effective from 1st October 2019.

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Compensation Cess on Passenger Vehicles

Passenger vehicles of engine capacity 1500 cc in case of diesel, 1200 cc in case of petrol and length not exceeding 4000mm designed for carrying upto 9 persons attract compensation cess of 1% for petrol and 3% for diesel vehicle. Council recommended same compensation cess rate for vehicles having these specifications (length and engine capacity) but designed for carrying more than 10 persons but upto 13 persons. (Presently these vehicles attract compensation cess at the rate of 15%)

Source : http://cbic.gov.in/resources//htdocs-cbec/press-release/PRESS_RELEASE_Final.pdf

Clarifications as regards applicability of GST rate in respect of certain goods recommended by GST Council which inter-alia includes:

a) Mere heating of leguminous vegetables (gram/lentil) for removing moisture, or to soften and puff it or removing the skin, and not subjecting to any other processing or addition of any other ingredients (salt, oil etc.) would be classified under HSN Code 0713.

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