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GST: Rates on tractor parts cut to 18%, job work on textile to 5%

LiveMint logoLiveMint 05-08-2017 PTI

New Delhi: The goods and services tax (GST) Council on Saturday cut tax rate on some tractor parts from 28% to 18% and lowered the rate on job work on all textile related items to 5% instead of 18%.

The council, headed by finance minister Arun Jaitley and comprising representatives of all states, also finalised the e-way bill that mandates pre-registration of all goods worth over Rs50,000 before they are moved for sale beyond 10kms.

Briefing reporters after the meeting, he said the date of application of the e-way bill would be notified shortly. It will not be applicable for exempted goods. Work contracts under GST will be taxed at 12% with input tax credit.

He said more than 71 lakh central and state taxpayers have migrated to the goods and services tax (GST) system and have completed registration. Another 15.67 lakh new applications for registration have been received. He appealed to businesses to pass on the benefit of the reduced tax under GST to consumers, failing which the anti- profiteering mechanism will be triggered.

The council will meet next on 9 September in Hyderabad, Jaitley added.

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