No GST on Cot­ton-thread Rakhis; Gold, Sil­ver Ones to be Taxed 5%

Nil tax on ‘puja sam­a­gri’, in­clud­ing holy red thread ‘kalava’: FinMin Firms Can Start Fil­ing Re­turns from Au­gust 5

The Economic Times - - Companies: Pursuit Of Profit - Our Bu­reau

New Delhi: Rakhi, the sa­cred thread that women tie on the wrist of their broth­ers on the day of Rak­sha Band­han, will not at­tract the goods and ser­vices tax, pro­vided it’s the tra­di­tional cot­ton thread. How­ever, gold and sil­ver rakhis will be taxed 5%.

The fi­nance min­istry has said puja sam­a­gri, in­clud­ing holy red thread ‘kalava’, would at­tract nil GST. Thus, rakhi, which is in the form of kalava, would be ex­empted. Any other rakhi would be clas­si­fied as per its con­stituent ma­te­ri­als and at­tract GST ac­cord­ingly, it said. Thus, rakhis made of gold and sil­ver would face 5% GST. The Cen­tral Board of Ex­cise and Cus­toms (CBEC) made th­ese clar­i­fi­ca­tions in re­sponse to queries from in­dus­try and public in the form of fre­quently asked ques­tions. It also clar­i­fied that San­desh, a pop­u­lar Ben­gali sweet, New Delhi: The first tax re­turns un­der the new goods and ser­vices tax (GST) regime can be filed from Satur­day and the fa­cil­ity will re­main open till Au­gust 20, GST Net­work CEO Navin Ku­mar said on Thurs­day.

Busi­nesses can start fil­ing their first GST re­turns and pay taxes for July on the por­tal of GST Net­work, be­gin­ning Au­gust 5, he said. To make com­pli­ance easy for firms, the GST Coun­cil has al­lowed busi­nesses to ini­tially file their re­turns on self-as­sess­ment ba­sis in the first two months of roll­out. So, the GST re­turns for July and Au­gust will be filed on the Goods and Ser­vices Tax Net­work por­tal by filling up GSTR 3B form.—

GST COUN­CIL MEM­BER HELD

The Cen­tral Bu­reau of In­ves­ti­ga­tion ar­rested a su­per­in­ten­dent of the GST Coun­cil for al­legedly ac­cept­ing a bribe through one of his close aides, re­ports

. This is ar­guably the first in­stance of the ar­rest of a GST of­fi­cial on charges of ac­cept­ing il­le­gal grat­i­fi­ca­tion.

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