Gold, silver under new tax slab of 3%

[email protected] (News Network)
June 4, 2017

New Delhi, Jun 4: Gold and silver will be taxed at 3% under the Goods and Services Tax regime, Finance Ministry Arun Jaitley announced after a meeting of the GST Council on Saturday.gold

The GST Council also decided to tax footwear below Rs 500 at 5% and biscuits at 18% under the GST, which will be rolled out from July 1.

Jaitley said footwear costing above Rs 500 will attract an 18% levy. At present, footwear priced from Rs 500-Rs 1,000 attracts 23% tax, including excise duty, and VAT levied by states.

Jaitley announced that all natural fibres, including cotton and cotton yarn, fabrics and readymade garments valued below Rs 1,000 have been classified under 5% GST rate, garments valued above Rs 1,000 under 12%, synthetic or man-made fibres and synthetic yarn under 18%, while the fabric, irrespective of fibre, has been classified under 5% GST rate. The 5% GST on readymade garments below Rs 1,000 would benefit the public, being a mass consumption item, Jaitley said.

Packaged food items sold under a registered trademark will be taxed at 5%. The GST rate on agricultural machinery for all categories was also fixed at 5 %.

While beedis will be taxed at 28% and will not attract any cess, tendu leaves will be taxed at 18%. The GST on cigarettes is likely to be decided at the next council meeting on June 11. Solar panels will be taxed at 5% under GST.

Addressing the press, Jaitley said a nominal rate of 0.25% would be imposed on a rough diamond. He said the rate for gold was fixed after intense discussion and a consensus was reached fixing the rate at 3%, which is lower than the lowest slab of 5% under the new regime that will be implemented from July 1. The new rate for gold is closer to the current tax incidence of around 2 % -1 % excise and 1% VAT. But some states charge a higher VAT, leading to even 5 % tax. “There was an extensive debate on gold, and fixing the rate between 2% and 5%. But there was almost a vertical division. A consensus has been finally reached at 3%,” he said.

Officials said the GST Council took into account the concern of several states, particularly from the south, and market experts who had warned that a higher tax rate on gold will increase smuggling, with most traders choosing to evade taxation altogether. There is already a high proportion of cash transactions on the metal. Jewellers had wanted the levy on the precious metal at close to a concessional rate of 1%.

Jaitley declared that the Central government was “confident of sticking to the target date of July 1”. “All states have agreed on the rollout of GST from that date,” Jaitley said. West Bengal Chief Minister Mamata Banerjee had earlier said her state would not rollout the new indirect tax regime in its present form.

Commodities Present rate of tax GST

Gold 1% excise duty & 1% VAT 3%

Biscuits 6% excise duty on products cost- 18%

ing below Rs 100 & 14.5% VAT

Readymade 5.5% VAT 12% & yarn

garments & fabric cotton 5%

Footwear Up to Rs 500 exempted 5% on products

Above Rs 500 14.5% VAT upto Rs 500

18% on products

above Rs 500

Jute 2% VAT Exempted

Beedi Exempted 28%

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P  A Hameed Padubidri
June 9,2020

Is it highly impossible to have flights to Mangaluru under Vande Bharat Mission to repatriate the stranded Mangalureans in Saudi Arabia and other Gulf countries? The present mood of the govt seems so are more politics and less actions are seen. 

Amidst covid-19 lockdown, thousands of people from Mangaluru and surrounding areas are stranded in Saudi Arabia and other Gulf countries. They include visitors, job redundants, people who need immediate medical attention, senior citizens, pregnant women, students and people who are eager to visit their ailing family members, especially aged parents back at home. They are all stuck over there seemingly with hopelessness.

It's reported that around Karnataka NRIs (KNRIs) have registered their names under the Mission in the Indian Embassy in Riyadh alone. A majority among them are apparently from coastal districts of Karnataka who are eagerly waiting for the flights to Mangaluru. 

The promises of elected representatives including MLAs, MPs, state and central ministers have remained unfulfilled so far. Now, things are being thrown from politicians to politicians and from politicians to the district authorities and vice versa. It's said that without proper quarantine facility in the district, the repatriation flights can't be approved to Mangaluru. 

Rumours are doing rounds that the hotels in Mangaluru are not ready to facilitate for the KNRIs quarantines; the hoteliers collectively snubbed the instruction of the district authorities. Now, they are, as informed, persuading the hoteliers to allow for the quarantine facility. 

If the hoteliers are stubborn to follow the instructions of the district administration, then why the authorities are not taking action against them under relevant statutory procedure including the revocation/cancellation of their licenses? Are they above the law or govt? For whom the authorities are waiting for? These questions are now being asked by the KNRIs and others. 

Considering this condition, the central ministers and MPs are simply giving evasive answers without any forward thinking. Each one is simply uttering the same dialogue "no quarantine; no flights to Mangaluru". 

A few KNRI businessmen in Saudi Arabia have already chartered flights to transport their stranded employees and others to Mangaluru with the approval of the govt of India. But, the inconsolable thing is that the govt didn't arrange this simple thing that too with the expense of the travellers. 

The people-especially then distressed NRIs still remember late prime minister V P Singh and then external affairs minister I K Gujral for the repatriation of the NRIs during 1990s Gulf war. Everything was free of cost and immediate special flights were arranged to airlift the NRIs in the affected countries. 

Now both Karnataka and India are ruled by the BJP. Then why the non resident Kannadigas, especially those in Saudi Arabia, are direly neglected at this point in time?. Why it's highly impossible for the govts to do this simple job for the KNRIs?  The NRIs are always big assets to the govt. Also, the KNRIs remit billions of rupees to the state in the form of foreign exchange. But, they are now simply ignored. The state govt should immediately look into this dire situation of the Kannadigas in Saudi Arabia and act immediately to schedule special flights to Mangaluru from Saudi Arabia.

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lovely Indian
 - 
Wednesday, 10 Jun 2020

because we have  MP nallinnan and in centre they consider muslim as enemy...we muslim must develop muslim community. today you give food & help kit tommorow they support BJP to harass muslim community..  even the educated ppl also same nowdays...look at UP doctor. if they dont give right to live in our own country then we must take it forcefully with or without blood

 

if they dont give right to live in our own country then we must take it forcefully with or without blood(1260 BAIBER the islamic worrier)

Abdul Muthalib…
 - 
Tuesday, 9 Jun 2020

Really good & timely writing by P A Hameed,

Even if we pay the flights fares, why the flights are not granted to Msngaluru as there are good number of presence of the Kannadiga Non Residents in Saudi Arabia & other gulf countries. Such a simple service can't be done by our Govt of Karnataka & India. It's really a surprise at the inaction of our people's representatives especially coastal regions including central minister. 
If Central & State Ruling by BJP than we can expect only this....

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News Network
February 11,2020

Belagavi, Feb 11: Tension prevailed for sometime here after a few villagers spotted four country-made pistols disposed in the garbage site by the road between Markandey Nagar – Waghavade village on Sunday. Police rushed to the spot and seized the arms which are believed to be of Portugal era.

Sources said some villagers noticed a pistol lying along with heaps of refuse. They informed Bhavakanna Patil, the owner of the agricultural field adjacent to the garbage site. Patil and the villagers checked the garbage and found three more pistols totalling four.

Police said the pistols are about 50 to 60 years old. Going by their condition, all rusted, it is believed that they were left unused for a long time. The Belagavi rural police who have filed a suo motu case related to the incident are getting into the skin of case to trace the owners and those who disposed them in the garbage pit. 

According to preliminary investigation, it is learnt that such pistols were in vogue during Portugal rule in Goa. There are chances that those who inherited the arms may have disposed it for the fear of possessing weapon illegally. The chances of some notorious people who reside in the vicinity near Waghavade and surrounding areas, where burglaries and dacoity are frequently reported, disposing the arms due to the fear of police also cannot be ignored. Police Commissioner Lokesh Kumar was not available for comments.

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News Network
July 9,2020

Bengaluru,  Jul 9: Former Karnataka Chief Minister and Congress leader Siddaramaiah on Wednesday said that he was opposed to a tie-up with Janata Dal-Secular in the last Lok Sabha elections but the party high command did not listen to him.

"I had suggested that we should fight alone (in Lok Sabha elections) because JD-S votes would not have come to us and our votes would not have gone to JD-S," Siddaramaiah told reporters here.

Congress leader said that he was the only one to make the suggestion and he did not get support.

"I was the only one to raise a voice that's why it was not heard by (party) high command and I did not get support. We might have won over seven seats in parliament election if we had fought alone," he said.

After forming government in Karnataka in 2018 with support of JD-S, Congress had fought the 2019 general election in a pre-poll alliance with the party. Congress could only one seat of the 21 it contested and JD-S also won one seat of the seven it contested.

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