Live
- UpStudy: The Smart Solution for Homework Hassles
- Actress Rithika and models inaugurate Sutraa Lifestyle Exhibition
- Loud campaign
- Faculty students celebrated english literature day in Government Degree College
- Huge fire accident.. Shops of street vendors burnt in the fire
- Pawan Kalyan promises to protect the coastal area from sea erosion
- EC Transfers Two Senior IPS Officers in AP ahead of Elections
- DMK analysis predicts victory for INDIA bloc in TN but concedes gains for BJP and NDA too
- India showcasing innovative technologies at World Energy Congress
- IPL 2024: Mitchell comes in for Ravindra as Lucknow opt to bowl first against Chennai
GST relief to transport sector
The transportation of goods is likely to get cheaper as the Goods and Services Tax Council on Wednesday cut down the GST on ropeways, renting of goods carriages, including fuel cost and exempting the foreign component of the tour package from GST.
New Delhi: The transportation of goods is likely to get cheaper as the Goods and Services Tax Council on Wednesday cut down the GST on ropeways, renting of goods carriages, including fuel cost and exempting the foreign component of the tour package from GST.
The GST Council has also done away with the mandatory registration norms for small businesses with annual turnover up to Rs 40 lakh and Rs 20 lakh for goods and services respectively, using e-commerce platforms to sell products. Such businesses have been permitted to choose composite scheme, benefiting about 1.2 lakhs small taxpayers.
GST on the transport of goods and passengers by ropeways is suggested to be cut down to 15 per cent from 18 per cent with Input Tax Credit of services, to give relief to hilly states.
The council has further recommended that GST on renting of goods carriage with operators where the fuel cost is included in the consideration be slashed to 12 per cent from 18 per cent. The council's rationale is that petrol, diesel, ATF are outside GST.
Now, transportation operators by road can choose between paying 5 per cent GST without ITC or 12 per cent GST with ITC. They can also switch from one option to other at the beginning of the Financial Year.
Currently transport of goods by road attracts GST at 5 per cent and 12 per cent and the latter do not have the option to switch. Moreover, the council has also recommended that in such cases proportionate value of the foreign component of the tour may be exempted from GST.
