GST RATES: A QUICK GUIDE. S.NO RATE GOODS SERVICES 1 0% No tax will be imposed on items like fresh meat, fish, chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, Prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc. Hotels and lodges with tariff below Rs 1,000, Grandfathering service have been exempted under GST. 2 5% Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, Sabu dana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 % Transport services (Railways, air transport), small restaurants will be under the 5% category because their main input is petroleum, which is outside GST ambit. 3 12% Frozen meat products , butter, cheese, ghee, dry fruits in packaged form,...
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SECTION 115BA
After section 115B (Tax on Profits and gains of Life Insurance business) of the Income-tax Act, with effect from the 1st day of April 2017, the following Section shall be inserted, namely:— SEC 115BA Notwithstanding anything contained in this Act but subject to the provisions of section 111A (Tax on Short-Term Capital Gain) and section 112 (Tax on Long-Term Capital Gain), the income-tax payable in respect of the total income of a person, being a Domestic company , for any previous year relevant to the assessment year beginning on or after the 1st day of April 2017 , shall, at the option of such person, be computed at the rate of 25% ., if the conditions contained in sub-section (2) are satisfied. (2) For the purposes of sub-section (1), the following conditions shall apply, namely:— (a) The company has been set-up and registered on or after the 1st day of March 2016; (b) The company is engaged in the busin...
COMPANIES (AUDITOR’S REPORT) ORDER, 2016
It shall apply to every company including a foreign company* except:– 1. B anking company as defined under Banking Regulation Act, 1949; 2. Insurance company as defined under the Insurance Act,1938; 3. a company licensed to operate under section 8 of the Companies Act; 4. One Person Company and small companies** . 5. Private Limited companies(not being subsidiary/holding of a public company) having:- a. Paid-up capital + reserves not more than 1 crore and, b. Loans from bank or any financial institution not exceeding 1 crore and, c. Turnover Total Revenue as per Schedule III not exceeding 10 crores. Auditor's report to contain matters specified in paragraphs 3 and 4 Every report made by the auditor under sectio...