Complete Information on GST Tax Structure

Goods and service tax is with the lower rates for some items also a highest for de-merits also luxury goods that would also attract the additional, was decided by all-powerful GST council.

The lower tire is 5% would for the common use items and there be the two standard rates of 12% and 18% under the GST regime. Tobacco, aerated drinks and Luxury cars also levied with the additional on top of a highest tax rate.

GST is glorified the system of taxation by a economy will take upward swing also further it was the trade also industry with respect to the indirect tax system of the country. Indirect tax has to paid by trade and industry also the other indirect taxes will subsum in GST.

Goods and services Tax (GST) has main thing to attention of the market given implications on earnings of companies. The government has kept a large number of items under the 18% tax slab. In this article you can get the clear update list. Gold and rough diamonds don’t fall under the present rate slab also will tax are 3% also 0.25% respectively.

TaxGoodsServices
0%There is no tax on the items like fresh meat, Jute, eggs, fish chicken, butter milk, milk, fresh fruits, curd, natural honey,vegetables, flour, bread, besan, Prasad, bindi, sindoor,stams, salt, judicial papers, newspapers, printed books, hand loom, bangles, Bone and horn cores, bone meal, bone grist etc., hoofmeal, cereal grains hulled, Kajal, Palmyra jiggery, drawing books and Humab hair.Lodges and Hotel with the tariff below Rs 1000, Grandfathering serve that has exempted under GST. Rough precious also semi-precious stones will attract GST rate of 0.25%
5%Items like fish fillet, Packaged food items, Apparel below 1000 ruppes, footwear below Rs 500, skimmed milk power, cream, branded panner, coffee, frozen vegetables, tea, pizza bread, spices, sabudana, rusk, coal, kerosene, medicines, lifeboatsm stent, Raisin, Cashew nut, Cashew nut in shell, Ice and snow, Insulin, Bio gas, Kites, Agarbatti, revenue or postage stamps, first day covers, Stamp-post marksTransport services like air and rail ways, Small restaurants under the 5% category and their main input is petroleum which is outside of GST ambit
12%frozen meat products, Apparel above Rs 1000, cheese, dry fruits in packaged form, butter, ghee, fruit juices, sausage, Bhutia, Ayurvedic medicines, colouring books, sewing machine, namkeen, animal fat, Playing cards, chess board, carom board and other board games as ludo, All diagnostic kits and reagents, tooth powder, picture books, umbrella, Ketchup & Sauces, cellphones, Exercise books and note books, skimmers, cake servers, Spoons, ladles, fish knives, tongs, tongs, forks, Spectacles, agarbatti, correctiveNon-AC hotels, business class air ticket, State-run lotteries, fertilisers, Work Contracts will fall below 12 % GST tax slab
18%Footwear costing above Rs 500, flavoured refined sugar, Biscuits, pasta, Bidi Patta, pastries and cakes, cornflakes, Swimming pools and padding pools, Bamboo furniture, preserved vegetables, sauces, instant food mixes, envelopes, tissues, Curry paste, mineral water, mayonnaise and salad dressings, jams, soups, tampons, steel products, printed circuits, camera, ice cream, speakers and monitors, Kajal pencil sticks, Headgear and parts thereof, Electrical Transformer, CCTV, mixed condiments and mixed seasonings, note books, Weighing Machinery, Printers, Optical Fiber, Aluminium foilTelecom services, IT services, AC hotels that serve liquor, branded garments also financial services will attract 18 % tax under GST, Room tariffs in between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels
28%Chewing gum, molasses, Bidis, waffles and wafers coated with chocolate, chocolate not containing cocoa, weighing machine, pan masala, water heater, deodorants, shaving creams, washing machine, after shave, ATM, sunscreen, wallpaper, hair shampoo, hair clippers, automobiles, motorcycles, aircraft for personal use, dye, ceramic tiles, dishwasher, vending machines, aerated water, vacuum cleaner, shavers, paint, attract 28% tax the highest under GST systemHotels with room tariffs above Rs 7,500, race club betting, Private-run lotteries authorised by the states, cinema will attract tax 28% tax slab under GST, 5-star hotels
“Startup Thailand 2017” to kick off this week

The Ministry of Science and Technology is gearing up to organize “Startup Thailand 2017” later this week, with entrepreneurs from across the globe expected to take part in the event.

Science and Technology Minister Atchaka Sibunruang held a press conference to announce readiness for Startup Thailand 2017, which comes under the theme “Scale Up Asia”. Scheduled for July 6-9 at the Queen Sirikit National Convention Center, the event is estimated to bring together more than 300 business entrepreneurs, both from Thailand and overseas, who will represent nine different groups, such as government and education, agriculture and food, industrial manufacturing and service.

As part of Startup Thailand 2017, academic seminars by experts from various countries will be open to all participants free of charge.

Final rounds of the Startup Thailand Pitching Challenge 2017 and the Startup Thailand League will also be held for regional representatives. Winners will be announced and awarded accordingly.

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Reporter : Surapan Laotharanarit Rewriter : Surapan Laotharanarit National News Bureau & Public Relations : http://thainews.prd.go.th

India and Thailand sign MoU on Cooperation in Controlling Narcotic Drugs, Psychotropic Substances, their Precursors and Chemicals and Drug Abuse

On 30 June 2017, a Memorandum of Understanding (MoU) between India and Thailand on Cooperation in Controlling Narcotic Drugs, Psychotropic Substances, their Precursors and Chemicals and Drug Abuse was signed in the presence of Mr. Suwaphan Tanyuvardhana, Minister of Justice of Thailand and Mr. Hansraj Gangaram Ahir, Minister of State for Home Affairs of India. The MoU was signed by Mr. Sirinya Sitdhichai, Secretary General, Office of Narcotics Control Board, Thailand and Dr. Rina Mitra, Special Secretary, Ministry of Home Affairs & Director General, Narcotics Control Bureau.

The MoU will enhance mutual cooperation between India and Thailand in regulation of narcotic drugs and psychotropic substances and combating drug trafficking. It will facilitate the exchange of information of new trends and modus operandi of drug traffickers, sharing the list of smugglers/syndicates in operation, sharing of best practices in the field of supply and demand reduction and help to provide mutual assistance & cooperation in investigation of drug offences.

On this occasion, both Ministers gave remarks congratulating Thai and Indian narcotics agencies on their deepening cooperation and expressing pleasure that the MOU signing coincides with the 70th Anniversary of Thailand-India Diplomatic Relations in 2017. The signing of the MoU, according to Mr. Suwaphan, is an important milestone in the bilateral relations and a part of the commemoration of the 70th Anniversary, and pledged to continue to closely cooperate with India on narcotics control. Minister Hansraj emphasized the uniqueness of Thailand-India relations. People to people relations as well as cooperation in many areas have fostered a climate of trust and confidence between the two countries. One such area of close and strong cooperation is on security, in which India is grateful for Thailand’s assistance and cooperation. He also noted that the Thailand-India Joint Working Group on Security is one of the most comprehensive and active ones. India and Thailand will cooperate further on the common challenges facing both sides, i.e, narcotics, transnational organised crime, human trafficking and terrorism.

Senior officers of the Office of Narcotics Bureau (ONCB), Thailand, Ministry of Justice of Thailand, Royal Thai Embassy in New Delhi and Ministry of Home Affairs, India were also present on the occasion.

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http://newdelhi.thaiembassy.org/en/2017/07/india-thailand-sign-mou-cooperation-controlling-narcotic-drugs-psychotropic-substances-precursors-chemicals-drug-abuse/

GST effect: Pending real estate EMIs to be paid under new tax

GST effect: Pending real estate EMIs to be paid under new tax

Your EMIs of the flats will go up from coming month after the implementation of GST from July. The cost of the flats will also rise with the change in the tax structure. Financial experts inform that currently in the real estate sector when a house is bought by the consumer, they pay service tax of 4.5 per cent. Under GST regime, the real estate sector has been put under 12 per cent bracket.

This means that instead of paying 4.5 per cent tax, the consumer will have to pay 12 per cent which means a rise of 7.5 per cent.

The consumers who do not pay the whole amount together and choose the option of paying it in monthly installment also pay service tax. This will also get converted to GST, informed the experts.

 

Since the change in tax structure in the EMI’s and costing of the flats will affect a large number of people, Rajasthan Housing Board (RHB) has informed its allottees about the change in tax structure. In a notice issued by housing board, the consumer’s have been informed that from the date of implementation of GST, all the amounts which are due will have to be paid as per the GST law only.

There is yet one more provision under the GST, the penal interest from allottees of housing board will now be charged GST at the rate of 18 per cent, which was not there earlier. All the builders charge 4.5 per cent of service tax and will now switch to 12 per cent tax structure.

Though a section of financial experts are claiming that the GST will bring relief for the real estate sector as many other taxes on the various commodities utilised in the industry will be gone and only one tax will remain.

PM assures investors of govt’s efforts to push infrastructure projects

The Prime Minister led his economic team to assure investors of Thailand’s commitment to move forward with its infrastructure projects and ensure a smooth transition of power after the next year election.

Speaking at the conference entitled “Thailand’s Big Strategic Move”, organized by the Stock Exchange of Thailand at the Grand Hyatt Erawan Hotel in Bangkok, Prime Minister Gen Prayut Chan-o-cha emphasized the government’s massive efforts to support entrepreneurs and investors. He cited Thailand’s good scores for three consecutive years in the World Bank’s Business Doing ratings as the result of hard work.

The premier added that the government is working on driving the economy through the mega projects. These include the Eastern Economic Corridor (EEC) project to connect ASEAN with East Asia and South Asia, where the combined GDP growth accounts more than one-third of the world GDP growth. The prime minister stated the importance of CLMVT that depicts the regional unity, repeating his popular sentences that “We will not leave anyone behind.” and “We will be stronger together.”

Meanwhile, Deputy Prime Minister Somkid Jatusripitak affirmed that the government will get the construction of all infrastructure projects started within next year. He said these projects include the hi-speed and double-track railways, assuring investors that it will not have any gap even when a new government takes the office after the election. However, the government will proceed deliberately and take the concerns from all sides into account.

And in the afternoon forum, Finance Minister Apisak Tantivorawong and Industry Minister Uttama Savanayana shared their views on Thailand’s economic strategies as well as the progress of work their ministries have made to facilitate investors, urging them to be confident in Thailand’s road map for achieving the long-term goal of sustainable growth.

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Reporter : Temsiri Klissanavanich Rewriter : Tarin Angskul National News Bureau & Public Relations : http://thainews.prd.go.th

Apple has started assembling iPhones in India

The company is seeking new markets to grow its iPhone business, and India is a key target

Apple has started assembling phones in India, completing a first trial run with the manufacture of its cheapest handset, the iPhone SE. This first step into the Indian market has been a long time coming, but Apple confirmed today to The Wall Street Journal that production has finally begun. The handsets are being assembled by Taiwanese contractor Wistron and will begin shipping to Indian customers some time this month.

It’s significant news for Apple, which is looking to establish itself in the India market as the growth of its iPhone business slows down. But to succeed in India, with its population of 1.3 billion, the company faces a number of challenges. It first needs to meet a requirement in Indian law that single-brand retailers source 30 percent of their components locally, and then it will need to bring the price of its devices down.

The average smartphone in India costs around $155, according to research firm IDC, while the iPhone SE starts at $399. India’s phone market is currently dominated by Chinese manufacturers which account for more than 50 percent of smartphone sales. Samsung is the single largest brand, controlling a little over a quarter of the market, while Apple’s market share is not much more than 2 percent.

Assembling iPhones in India will help Apple meet local-sourcing requirements. And the move should also endear the company to Prime Minister Narendra Modi, who has been pushing for more local manufacturing jobs under his “Make in India” initiative.

But bringing down the price of the iPhone will be a more challenging proposition. The WSJ reports that the iPhone SE is currently sold by India resellers for $320, but that government officials hope this price will drop by $100. Apple has traditionally been loath to reduce its profit margins on the iPhone though, and has compensated for slowing unit sales by making more money on each device. The company will have to think about whether the promise of the India market is worth a change in tactics.

 

Source: https://www.theverge.com/2017/5/17/15651842/apple-iphone-india-assembling-begun

 

 

Asean Design & Business Center to help Thai businesses in ASEAN market

The Ministry of Commerce believes the Asean Design & Business Center can help Thai businesses be successful in Southeast Asia.

Commerce Minister Apiradi Tantraporn, said today that her ministry intends to use the Asean Design & Business Center as a distribution channel, assisting small and medium enterprises in their quest to attract foreign buyers and penetrate overseas markets especially in the Southeast Asian region, in addition to helping them adapt to modern technologies and innovations.

Founded by the Ministry of Commerce, the Asean Design & Business Center is located in the capital district of Chiang Mai province. Its main goal is to facilitate domestic business and promote regional connectivity. It also serves as a learning center for Thai SMEs and new entrepreneurs, educating them about geographical indication, marketing, and overseas markets.

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Reporter : Thammarat Thadaphrom Rewriter : Rodney McNeil National News Bureau & Public Relations : http://thainews.prd.go.th

Lively atmosphere reported across Thailand

A bustling atmosphere is reported in all provinces as Songkran celebrations remain in full swing.

In Lopburi province, governor Panu Yamsri led civil servants, security officers, and the general public in a religious ceremony, offering food and essential items to 99 Buddhist monks. Held at the provincial city hall, the ceremony marks the traditional Thai New Year or Songkran which is also a long holiday in Thailand.

In the southern city of Yala, the city hall held a ritual ceremony to pay respects to the holy spirits. The ceremony was attended by local authorities and members of the public. A number of people were later seen feeding marine animals – fish and turtles – in a canal near the city hall.

In Bueng Kan, local residents and visitors from nearby provinces are flocking to Kham Somboon Beach to enjoy the long holiday with their families. The beach is popular among Thai and foreign tourists all year round, but especially in the summer.

In Uthai Thani, a 20-kilometer-long tunnel fountain in the capital district is crowded with tourists, several of whom have been wearing Thai traditional costumes. The site is an alcohol free zone.

Information and Source

Reporter : Thammarat Thadaphrom Rewriter : Tarin Angskul National News Bureau & Public Relations : http://thainews.prd.go.th

Govt launches milk drinking campaign to celebrate Songkran

The Thai government has launched a campaign to discourage people from consuming alcohol during this year’s Songkran festivities.

The campaign was launched by the Ministry of Agriculture and Cooperatives in the hope of encouraging Songkran revelers to drink milk, instead of alcohol. Ten milk producers and more than 2,000 retailers are taking part in the campaign and offering 5-40% discounts on milk products.

Introduced on the 1st of April, the campaign aims to increase the amount of milk consumed by a person to 20 liters from the present 14 liters per year, in addition to reducing alcohol consumption and preventing alcohol-related accidents and crimes.

Information and Source

Reporter : Thammarat Thadaphrom Rewriter : Tarin Angskul National News Bureau & Public Relations : http://thainews.prd.go.th

Thai embassy delegates meet Ukhand CM, discuss investment

(PTI) Delegates of the The Royal Thai Embassy in India who are visiting Uttarakhand to examine investment opportunities in the state, met Chief Minister Trivendra Singh Rawat here today.

Investment opportunities were discussed during the meeting between the delegates and Rawat, a release by the state government said.

During the meeting, the Chief Minister said there are huge opportunities of investment in eco-tourism, food processing, automobile, pharmaceutical and textile sectors in the state.

Uttarakhand has started a single window system for the investors and is working to improve ease of doing business in the state, the Chief Minister told the Thai delegates.

Delegates of the The Royal Thai Embassy are on a three day visit to the state starting today. PTI DPT NSD

This is unedited, unformatted feed from the Press Trust of India wire.

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