Finance minister Arun Jaitley says more than 71 lakh central and state taxpayers have migrated to the Goods and Services Tax (GST) system and have completed registration.
New Delhi: The 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 Rs 50,000 before they are moved for sale beyond 10 km.
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 September 9 in Hyderabad, Jaitley added.