Sunday, Feb 25 2018 | Time 09:25 Hrs(IST)
image
image image
  • Russia barred from flying flag at Games closing ceremony
  • Curling-Sweden take gold to end Korean fairytale run
  • Bobsleigh-Friedrich's German team extend lead in four-man
  • Manafort asks U S court for release to attend New York funeral
  • IOC executive recommends Russia not fly flag at Games
  • Schwartzman, Verdasco win semis to set up Rio Open final
  • Merkel to give outspoken critic a cabinet job -Bild am Sonntag
  • Delta, United Airlines become latest companies to cut NRA ties
  • "Touch Me Not" wins Golden Bear top prize at Berlin film festival
  • U S House Intel Committee Democratic memo defends Russia probes
  • Rebels in Syria's eastern Ghouta welcome U N ceasefire resolution
  • Legendary Bollywood actress Sridevi passes away
  • 3RD T20I SCORECARD
  • 3rd T20I: India clinches a thriller against South Africa to wrap up series 2-1
  • At least 14 dead in attack on Yemen counter-terrorism base
India Share

GST Council increases cess on cigarettes, govt set to get extra Rs 5000 cr

GST Council increases cess on cigarettes, govt set to get extra Rs 5000 cr

New Delhi, Jul 17 (UNI) The Goods and Services Tax (GST) Council today raised the cess on cigarettes over the peak rate of 28 per cent, as the effect on their prices was lower under the new taxation regime, than earlier. The fixed cess has been hiked between Rs 485 and 792 per thousand sticks and the specific cess on the basis of the length of cigarettes will be effective from midnight today. After the meeting of the Council through video conferencing, Finance Minister Arun Jaitley said the increase will give the government Rs 5,000 crore more in revenue, which would be used for compensating states. But, he said the consumer prices would not change as the increased tax incidence would only take away the windfall profits the manufacturers were earning. According to Mr Jaitley, as per the Council decision today, the peak GST rate of 28 per cent and ad valorem cess of 5 per cent would remain in place. Mr Jaitley said, “It was noted in the first 15 days of the GST implementation that when the rate on cigarettes was translated, the cascading effect of taxes was not factored in. We noted that cigarette companies were getting windfall profit from reduction in cigarette prices.” Mr Jaitley said the case of non-increase of cess of Rs 5,000 crore additional tax revenue would have gone to the manufacturers. The GST Council had fixed 28 per cent as the top rate for cigarettes in May 2017. A five per cent ad valorem cess was levied on top of it and Rs 1,591 per thousand sticks as fixed cess on both filter and non-filter cigarettes of not exceeding 65 mm length. The cess rate varied from Rs 2,126 to Rs 4,170 for cigarettes of different lengths. But, this rate was lower than the pre-GST tax incidence and the choice before manufacturers was either to pass on the lower taxes to consumers by way of cutting rates or pocketing the windfall. The Minister said the GST Council will meet in the first week of August to review the progress of the implementation of GST, which was rolled out on July 1. UNI ADP RJ SHK 2214

More News
Rahul Mahajan is new Editor-in-Chief of RSTV

Rahul Mahajan is new Editor-in-Chief of RSTV

24 Feb 2018 | 10:43 PM

New Delhi, Feb 24 (UNI) Rahul Mahajan has been appointed new Editor-in-Chief of Rajya Sabha
TV, the channel said in a statement.

 Sharesee more..
CS assault case: Baijal meets Rajnath

CS assault case: Baijal meets Rajnath

24 Feb 2018 | 8:22 PM

New Delhi, Feb 24 (UNI) In the wake of allegations of AAP MLAs assault on Delhi Chief secretary Anshu Prakash at Delhi chief Minister Arvind Kejriwal's residence, Lieutenant Governor Anil Baijal met Union Home Minister Rajnath Singh on Saturday evening.

 Sharesee more..

UNI NEWS DIGEST AT 2000 HRS FOR FEBRUARY 24, 2018

24 Feb 2018 | 7:59 PM

Undated : PNB fraud: Scandals pile, Choksi claims innocence (FC11)
Chennai : PM launches Amma Two-wheeler subsidy scheme for working women (MS29)
Bhopal/Bhubaneshwar : Incident-free Assembly bypolls in Madhya Pradesh, Odisha: EC rap for Shivraj Singh Chouhan; A crown of thorns, acid test in Odisha (DR22)
Beijing : India, China hold talks on promoting ties during Foreign Secretary's visit (DF24)
New Delhi : Nirav Modi property worth Rs 527.

 Sharesee more..

338 workers to be conferred Prime Minister Shram Awards on Feb 26

24 Feb 2018 | 7:52 PM

New Delhi, Feb 24 (UNI) Vice President Venkaiah Naidu will give away the Prime Minister Shram Awards to 338 workers here on Monday.

 Sharesee more..
Uma Bharti wants SHG women to be skilled in making low-cost sanitary napkins for free distribution

Uma Bharti wants SHG women to be skilled in making low-cost sanitary napkins for free distribution

24 Feb 2018 | 7:23 PM

New Delhi, Feb 24 (UNI) Union Minister for Drinking Water and Sanitation Uma Bharti on Saturday discussed with Minister for Skill Development and Petroleum Dharmendra Pradhan and senior officials a work plan to train women self-help groups in making low-cost sanitary napkins which could be distributed free to school girls and others.

 Sharesee more..
image