GST Council may go for more rate revisions

18 July, 2017, 09:54 | Author: Valerie Burke
  • GST Impact Compensation Cess Increased on Cigarettes Smoking to Become Costlier

The GST Council on Monday stepped in to check the windfall being reaped by cigarette manufacturers and increased the cess by 48 paise to 79p per stick, although the impact on prices is now unclear.

The compensation cess on cigarettes consists of two components - an ad valorem tax of 5 per cent and a numerical amount on each category of filter and non-filter varieties.

The GST Council's decision has affected most tobacco stocks, including the stock of Modi Group firm Godfrey Phillips India which fell 5.01 percent or 61.50 points at 1166 level.

The GST Council will meet next in the first week of August to review the progress of the new tax regime's implementation, Jaitley said.

The GST Council had in May fixed 28 per cent as the top rate for cigarettes. The fixed cess varies depending on length and whether cigarettes are filter or non-filter.

The cess varied from Rs 2,126 to Rs 4,170 for cigarettes of different lengths. A statement issued after the GST Council meeting said the method of calibrating the GST compensation cess on cigarettes did not take into consideration the cascading of taxes that existed in the earlier regime, which has now disappeared, thus leading to a reduction in the tax burden on the item.

Over 65 mm but less than 70 mm: The price will increase by Rs 0.792 per cigarette. Announcing this Tamil Nadu Finance Minister D Jayakumar, who participated in the meeting through video-conferencing, said during the meeting the proposal to increase the levy of cess on cigarettes was discussed.

Jaitley said the total taxpayer base under the GST will easily exceed 80 lakh, the number originally registered under the previous indirect tax regime, which also had duplication because of registrations under Value Added Tax and excise.


  • Oppressive heat to build across central Plains this week

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    There is also a slight chance of an afternoon or evening shower or thunderstorm as well, but the activity will be spotty. The coverage of storms will peak during the afternoon, and again they will wind back down in the evening.
    Start saving up to make a trip to Star Wars themed lands

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    You'll immediately become a citizen of the galaxy and experience all that entails, including dressing up in the proper attire. If you're really, really bad though, bounty hunters might hunt you throughout the park, like a new one named Harcos.
    ' Qatar accuses UAE of hacking its media following WaPo report

    ' Qatar accuses UAE of hacking its media following WaPo report

    As tensions flared after the report, Secretary of State Rex Tillerson flew to the region to try to narrow the rift. The UAE has denied this, with the ambassador for the country, Yousef al-Otaiba, saying the reports were false .
  • Forcing China's Hand on North Korea

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    Economic reformer? Shrewd master of nuclear brinksmanship? "Ninety percent of the economy of North Korea depends on China ". And the world has cause for concern with the latest test firing of an intercontinental ballistic missile (ICBM).
    You can now tip your Uber driver via the app in Pittsburgh

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    If Uber competitor Lyft's experience is any guide, local drivers could be in line for lots of tips. In fact riders tell us that one of the things they like most about Uber is that it's hassle-free.

    Enable Midstream Partners, LP (NYSE:ENBL) QI Value Update on the Stock

    State Board Of Administration Of Florida Retirement Sys holds 0% in Marriott Vacations Worldwide Corp (NYSE:VAC) or 10,844 shares. The Firm is formed to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets.
  • Jason Gillespie: I may apply for India coach job in the future

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    If the CoA does grant Shastri his wish, it will be a clear snub to the CAC, particularly to Ganguly. He is also coach with one of the teams in the Tamil Nadu Premier League.
    Biglia Milan, è ufficiale

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    Il listino è rimasto invariato e parte da un prezzo di entrata di 205 euro per il secondo anello blu e il secondo anello verde. L'attaccante iraniano è tra i primi obiettivi del mercato biancoceleste ma i russi sparano una valutazione ritenuta eccessiva.

    Market Review: Indicator Watch For Horizons Enhanced Income US Equity ETF USD

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  • Another Greens senator resigns over dual citizenship

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    Ms Waters was seen by some in the party, including former leader Bob Brown, as a future leader of the party. In the case of Senator Waters, that would be former Australian Democrats Senator Andrew Bartlett.
    Tom Caron: Blueprint for Red Sox success in 2017 becoming clear

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    Brandon Ingram Guiding Lonzo Ball Adjust To NBA

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    The team was optimistic Ball would be able to play in Monday's finale, but were also expected to proceed with caution. Asked whether his shoe choices are part of a master plan, he noted: "You could say that".


Dhawan to replace injured Vijay for Sri Lanka Test tour
After a magnificent series against England and Bangladesh, Vijay managed just 113 runs in three Tests at an average of 22.60. The ODI series will begin at the Dambulla International Stadium on August 20 followed by the second and third ODIs at Kandy.

Lalu Prasad lashes out at Nitish for backing Ram Nath Kovind
After the elections are over, it is highly likely that Tejashwi might have to resign or Nitish might sack him. Another senior RJD leader and former MP Shivanand Tiwari has appealed to Nitish Kumar to end the crisis.

Not binding on SC to accept JIT's findings: Justice Ijaz-ul-Ahsan
This massive increase has been noted to have happened during the year 1992-93 when Sharif was the Prime Minister of the country. But it ordered further investigations, and the formation of the JIT. "Army has no role in the process".

Wind gusts of up to 70 km/hour expected in some wildfire zones
Fire crews responded to the fire and there is no increased risk to nearby properties at this time. Many people were displaced and have been staying at evacuation centres in Kamloops.

Gas prices lower again in Las Vegas
In Florida, gas prices averaged $2.13 on Sunday, a half cent lower than last week and three 3 cents less than a year ago . DeHaan said a special meeting OPEC has scheduled for July 27 will be watched for any policy or production changes.