People can download this mobile app on any smartphone.
The app helps users lookup the GST rate for a goods just by keying in the name of the service/commodity. "Though, within the existing GST law such accumulated input tax credit (ITC) will be refunded, it will have associated financial costs [interest burden] and administrative costs, putting them at a disadvantage vis-à-vis imports", the statement read. Finance Minister Arun Jaitley launched this app on Friday.
Reducing the GST rate on sanitary napkins to nil, will however, result in complete denial of ITC to domestic manufacturers and zero rating imports.
In the previous tax regime, customs duty was exempt on the import of aircraft and its spares, and service tax was also not applicable on aircraft took on operating lease.
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The official handle of Finance Ministry wrote, "A taxpayer can search for applicable CGST, SGST, UTGST rate and Compensation Cess on a supply".
With the GST created to increase the taxpayer base and bring more MSMEs into its scope, it would put some burden of compliance and associated costs to them, ASSOCHAM said. A display window will pop-up, containing details such as the GST rate, description of goods or services and the chapter heading of the Harmonised System of Nomenclature (HSN).
According to the traders and freight forwarders, the authority at the Kolkata Port earlier used to impose 15 percent logistic service charge on goods imported from third countries. As per CBEC, the GST Rate Finder application will soon be accessible on the iOS stage also.
Legendary tax thieves are out to sabotage the GST, using conservative tactics to circumvent the country's most modern tax reform, an India Today investigation has found.