GST will unite us financially, says Arun Jaitley
- Author: Latoya Cobb Jul 11, 2017,
Jul 11, 2017, 0:13
Gifts above Rs 50,000 value in a year, when given by the employer to the employee without consideration and outside the contractual agreement, will come under the ambit of Goods and Services Tax (GST), the finance ministry said on Monday.
"It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST".
In the previous tax regime, customs duty was exempt on the import of aircraft and its spares, and service tax was also not applicable on aircraft took on operating lease.
ClearTax CEO Archit Gupta explained the implication in detail to timesofindia.com and said, "What they mean is that if an employer allows use of any business goods or assets which are used for a private goal or which are used for a objective which is not business related whether there is a payment involved or not, it will be treated as a supply and if something is treated as a supply it means that it will attract GST".
The application is available on the Google Play store and its portrayal peruses: "A basic application to look through the different products and enterprises and their separate GST Rates and subtle elements".
The app is now available on Android platform, will soon be available for iOS platform as well. Pratik Jain, partner and leader Indirect Taxes, PwC India said, "It has been clarified that anything done by employer for employee in terms of employment contract will not be subject to GST".
"But if the supply is composite, which means that the goods can not be segregated or sold discreetly then the product with highest taxable rate will be considered and that would be the tax levied on the entire bundle", he informed.Zanwar also unravelled the process further and discussed about attractive schemes launched by the government.
Speaking at a seminar on the new taxation system GST in Raipur on Sunday, Finance Minister Arun Jaitley said that with the implementation of GST trade and logistic facilities will become easier across the country.
The search result will list all the Goods and Services containing the name which was typed in the Search Box.
The mobile app can be downloaded on any smartphone and can also work in offline mode, Fin Min informed.
In pre-GST, they attracted concessional excise duty of 6 percent and 5 percent Value-Added Tax. Four Tax slabs of 5, 12, 18 and 28 per cent classified for Goods and Services.
Once downloaded, you will be able to see three catogories namely ' TAX rates: Goods", "TAX rates: Services' and Information @CBEC.