इंडियन आवाज़     23 May 2024 08:37:21      انڈین آواز

GST Council approves E-Way bill rules; cuts tax on textile work to 5% from 18%

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The Goods and Services Tax (GST) Council has given its in principle approval to E Way bill rules in a meeting this evening in New Delhi. Briefing media after the meeting, Finance Minister Arun Jaitley said, pre-registration requirement under GST e-way bill is not mandatory for exempted goods and E-way Bills will be required for packages worth over 50 thousand rupees.

He said there will be no check posts and the process will be technology driven. He said said E way bill will be implemented across the country.

Mr Jaitley also said that GST Council has cut tax on textile work to 5 percent from 18 percent. The GST rate on few tractor components have been reduced to 18 percent from 28 per cent. The Minister said work contracts under GST will be taxed at 12 percent with input tax credit.

Saying that the number of registrations have been satisfactory, Mr Jaitley said more than 71 lakh taxpayers have migrated to GST and 15.67 lakh new applications have been received. The next meeting of GST will be held on the 9th of September in Hyderabad.

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