Category: Miscellaneous

GST: FAQs Series 16 (Time of Supply)

Posted on by Business So Simple in Miscellaneous

Time of Supply…Continue



Q 12. What is the time of supply, where supply is completed after to change in rate of tax?

Ans. In such cases time of supply will be

(i) where the payment is received after the change in rate of tax but the invoice has been issued prior to the change in rate of tax, the time of supply shall be the date of receipt of payment; or

(ii) where the invoice has been issued and the payment is received before the change in rate of tax, the time of supply shall be the date of receipt of payment or date of issue of invoice, whichever is earlier; or

(iii) where the invoice has been issued after the change in rate of tax but the payment is received before the change in rate of tax, the time of supply shall be the date of issue of invoice


Q 13. Let’s say there was increase in tax rate from 18% to 20% w.e.f.1.6.2017. What is the tax rate applicable when services provided and invoice issued before change in rate in April 2017, but payment received after change in rate in June 2017?

Ans. The old rate of 18% shall be applicable as services are provided prior to 1.6.2017.


Q 14. Let’s say there was increase in tax rate from 18% to 20% w.e.f. 1.6.2017. What is the tax rate applicable when goods are supplied and invoice issued after change in rate in June 2017, but full advance payment was already received in April 2017?

Ans. The new rate of 20% shall be applicable as goods are supplied and invoice i s sued after 1.6.2017


Q 15. What is the time period within which invoice has to be issued for supply of Goods?

Ans. As per Section 28 of CGST/SGST Act a registered taxable person shall issue a tax invoice showing description, quantity and value of goods, tax charged thereon and other prescribed particulars, before or at the time of

(a) removal of goods for supply to the recipient, where supply involves movement of goods or

(b) delivery of goods or making available thereof to the recipient in other cases.


Q 16. What is the time period within which invoice has to be issued for supply of Services?

Ans. As per Section 28 of CGST/SGST Act a registered taxable person shall, before or after the provision of service, but within a period prescribed in this behalf, issue a tax invoice showing description, value of goods, tax payable thereon and other prescribed particulars.

Q 17. What is the time period within which invoice has to be issued in a case involving continuous supply of goods?

Ans. In case of continuous supply of goods, where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received.

Q 18. What is the time period within which invoice has to be issued in a case involving continuous supply of services?

Ans. In case of continuous supply of services,

(a) where the due date of payment is ascertainable from the contract, the invoice shall be issued before or after the payment is liable to be made by the recipient but within a period prescribed in this behalf whether or not any payment has been received by the supplier of the service;

(b) where the due date of payment is not ascertainable from the contract, the invoice shall
be issued before or after each such time when the supplier of service receives the payment but within a period prescribed in this behalf;

(c) where the payment is linked to the completion of an event, the invoice shall be issued before or after the time of completion of that event but within a period prescribed in this behalf.


Q 19. What is the time period within which invoice has to be issued where the goods being sent or taken on approval for sale?

Ans. The invoice in respect of goods sent or taken on approval for sale or return shall be issued before or at the time of supply or six months from the date of approval, whichever is earlier.

Disclaimer:

This FAQ on GST compiled by NACEN and vetted by the Source Trainers is based on the CGST/SGST/UTGST/IGSTAct(s). This FAQ is for training and academic purposes only.

The information in this blogger is reproduced from FAQ on GST publised by CBEC updated on 31 March 2017 and is not intended to be treated as legal ad vice or opinion. For greater details, you are requested to refer to the respective CGST/SGST/UTGST/IGST Acts.

The FAQs refer to CGST and SGST Acts as CGST/SGST as CGST Act and SGST Act are identical in most of the provisions. CGST Act has been introduced in the Parliament. The SGST Acts will be passed by respective state legislatures. A few provisions may be specific to state and may not be in CGST Act.

Tax Planning Series 4: Deductions under Income Tax Act, 1961 (Applicable for AY 2017-18)-Part 2

Posted on by Business So Simple in Miscellaneous

Deductions/allowances under Salary/House Property/PGBP/Income from other sources:

DEDUCTIONS/ALLOWANCES

Section
 Nature of deduction
Who can claim
Relevant Rule
(1)
(2)
(3)
(4)
Against ‘salaries’
16(ii)
Entertainment allowance [actual or at the rate of 1/5th of salary, whichever is less] [limited to Rs. 5,000]
Government employees
16(iii)
Employment tax
Salaried assessees
Against ‘income from house properties’
23(1),first proviso
Taxes levied by local authority and borne by owner if paid in relevant previous year
All assessees
24(a)
Standard deduction [30% of the annual value (gross annual value less municipal taxes)]
All assessees
24(b)
Interest on borrowed capital (Rs. 30,000/Rs. 2,00,000, subject to specified conditions)
All assessees
25B2
Standard deduction of 30 per cent of arrears of rent received subsequently
All assessees realizing arrears of rent
Against ‘profits and gains of business or profession
A. Deductible items
30
Rent, rates, taxes, repairs (excluding capital expenditure) and insurance for premises
All assessees
31
Repairs (excluding capital expenditure) and insurance of machinery, plant and furniture
All assessees
32
Depreciation on buildings, machinery, plant or furniture, know-how, patents, copyrights, trade marks, licences, franchises, or any other business or commercial rights of similar nature, being intangible assets – Prescribed percentage on WDV in the case of any block of assets
All assessees
5, 5A
32AC
Investment in new plant and machinery (subject to certain conditions and limits)
A company engaged in manufacture or production of any article or thing
32AD
Deduction of 15% of actual cost of new asset acquired and installed in notified backward areas in the State of Andhra Pradesh or the State of Telengana or State of Bihar or State of West Bengal (subject to certain conditions) (upto assessment year 2020-21).
All assessees
33A
Development allowance – 50 per cent of actual cost of planting (subject to certain conditions and limits) (planting should have been completed before 1-4-1990)
Assessee engaged in business of growing and manufacturing tea in India
33AB
Tea/Coffee/Rubber Development Account – Amount deposited in account with National Bank (Special Account) or in Deposit Account of Tea Board, Coffee Board or Rubber Board in accordance with approved scheme or 40% of profits of business, whichever is less (subject to certain conditions)
Assessees engaged in business of growing and manufacturing tea/Coffee/Rubber in India
33ABA
Amount deposited in Special Account with SBI/Site Restoration Account or 20 per cent of profits, whichever is less (subject to certain conditions)
Assessee carrying on business of prospecting for, or extraction or production of, petroleum or natural gas or both in India
5AD
351
Expenditure on scientific research for certain specific purposes (subject to certain conditions)
All assessees
5C, 5D, 5E, 5F & 6
35A
Expenditure incurred before 1-4-1998 on acquisition of patent rights or copyrights [equal to appropriate fraction of expenditure on acquisition to be deducted in fourteen equal annual instalments beginning with previous year in which such expenditure has been incurred] (subject to certain conditions)
All assessees
35AB2
Lump sum payment made in any previous year relevant to assessment year commencing on or before 1-4-1998, for acquisition of technical know-how [consideration for acquisition to be deducted in six equal annual instalments (3 equal annual instalments where know-how is developed in certain laboratories, universities and institutions)] (subject to certain conditions)
All assessees
35ABB
Expenditure incurred for obtaining licence to operate telecommunication services either before commencement of such business or thereafter at any time during any previous year
All assessees
35AC
Expenditure by way of payment of any sum to a public sector company/local authority/approved association or institution for carrying out any eligible scheme or project (subject to certain conditions)
All assessees
11F to 11-O
35AD
Capital expenditure incurred, wholly and exclusively, for the purpose of any specified business [setting up and operating a cold chain facility; setting up and operating a warehousing facility for storage of agricultural produce; laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network; building and operating, anywhere in India, a hotel of two-star or above category as classified by the Central Government; building and operating, anywhere in India, a hospital with at least one hundred beds for patients; developing and building a notified housing project under a scheme for slum redevelopment or rehabilitation framed by the Government, as the case may be, in accordance with prescribed guidelines; developing and building a notified housing project under a scheme for affordable housing framed by the Government, as the case may be, in accordance with prescribed guidelines; production of fertilizer in India; setting up and operating an inland container depot or a container freight station which is approved/notified under the Customs Act, 1962; bee-keeping and production of honey and beeswax; setting up and operating a warehousing facility for storage of sugar, business of laying and operating a slurry pipeline for the transportation of iron ore and the business of setting up and operating a notified semi-conductor wafer fabrication manufacturing unit, carried on by the assessee during the previous year in which such expenditure is incurred (subject to certain conditions)
All assessees
11-OA 11-OB
35CCA
Payment to associations/institutions for carrying out rural development programmes (subject to certain conditions)
All assessees
35CCB
Expenditure incurred before 1-4-2002 by way of payment to approved associations/institutions for carrying out approved programmes of conservation of natural resources or afforestation (subject to certain conditions)
All assessees
35CCC
One and a half times of expenditure on notified agricultural extension project (subject to certain conditions)
All assessees
6AAD, 6AAE
35CCD
One and a half times of expenditure on notified skill development project (subject to certain conditions)
A company
6AAF to 6AAH
35D
Amortisation of certain preliminary expenses [deductible in 5 equal annual instalments] (subject to certain conditions)
Indian companies and resident non-corporate assessees
6AB
35DD
Amortisation of expenditure incurred after 31-3-1999 in case of amalgamation or demerger in the hands of an Indian company (one-fifth of such expenditure for 5 successive previous years) (subject to certain conditions)
Indian Company
35DDA
Amortisation of expenditure incurred under voluntary retirement scheme in 5 equal annual instalments starting with the year when the expenditure is incurred
All assessees
35E
Expenditure on prospecting, etc., for certain minerals [deductible in ten equal annual instalments] (subject to certain conditions)
Indian companies and resident non-corporate assessees engaged in prospecting, etc., for minerals
6AB
36(1)(i)
Insurance premium covering risk of damage or destruction of stocks/stores
All assessees
36(1)(ia)
Insurance premium covering life of cattle owned by a member of co-operative society engaged in supplying milk to federal milk co-operative society
Federal milk co-operative societies
36(1)(ib)
Medical insurance premium paid by any mode other than cash, to insure employee’s health under (a) scheme framed by GIC of India and approved by Central Government; or (b) scheme framed by any other insurer and approved by IRDA
All assessees as employers
36(1)(ii)
Bonus or commission paid to em-ployees
All assessees
36(1)(iii)
Interest on borrowed capital
All assessees
36(1)(iiia)
Pro rata amount of discount on a zero coupon bond based on life of such bond and calculated in prescribed manner
All assessees
8B, 8C
36(1)(iv)
Contributions to recognised provident fund and approved superannuation fund [subject to certain limits and conditions]
All assessees as em-ployers
75, 87, 88
36(1)(iva)
Any sum paid by assessee-employer by way of contribution towards a pension scheme, as referred to in section 80CCD, on account of an employee to the extent it does not exceed 10 per cent of the employee’s salary in the previous year.
All assessees as employers
36(1)(v)
Contributions to approved gratuity fund [subject to certain limits and conditions]
All assessees as em-ployers
103, 104
36(1)(va)
Contributions to any provident fund or superannuation fund or any fund set up under Employees’ State Insurance Act, 1948 or any other fund for welfare of such employees, received from employees if the same are credited to the employee’s account in relevant fund or funds before due date
All assessees as employers
36(1)(vi)
Allowance in respect of animals which have died or become permanently useless [subject to certain conditions]
All assessees
36(1)(vii)
Bad debts which have been written off as irrecoverable [subject to limitation in the case of banks and financial institutions]
All assessees
36(1)(viia)
Provision for bad and doubtful debts
■
up to 7½ per cent of total income before making any deduction under this clause and Chapter VI-A, and up to 10 per cent of aggregate average advances made by its rural branches
Certain scheduled banks, non-scheduled banks (but other than foreign banks) and co-operative bank (other than primary agricultural credit society or primary co-operative agricultural and rural development bank)
6ABA
■
up to 5 per cent (10% in case of Public Financial Institutions, State Financial Corporations and State Industrial Investment Corporations in any of the two consecutive assessment years 2003-04 and 2004-05 – subject to certain conditions) of total income before making any deduction under this clause and Chapter VI-A
Foreign banks/Public financial institutions/State financial corporations/State industrial investment corporations and NBFCs (with effect from assessment year 2017-18)
36(1)(viii)
Amounts transferred to special reserve [subject to certain conditions and maxi-mum of 20 per cent of profits derived from eligible business]
Specified entities, namely, financial corporations/financial corporation which is a public sector company/banking company/co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank/housing finance company/any other financial corporation including a public company
6ABAA
36(1)(ix)
Expenditure for promoting family planning amongst employees (deductible in 5 equal annual instalments in case of capital expenditure)
Companies
36(1)(xi)
Expenditure incurred wholly and exclusively by the assessee on or after the 1st April, 1999 but before the 1st April, 2000 in respect of a non-Y2K compliant system, owned by the assessee and used for the purposes of his business or profession, so as to make such system Y2K compliant computer system
All assessees
6ABB
36(1)(xii)
Any expenditure (not being in the nature of capital expenditure) incurred by a notified corporation or body corporate, by whatever name called, constituted or established by a Central, State or Provincial Act, for the objects and purposes authorised by the Act under which such corporation or body corporate was constituted or established
Notified corporation or body corporate, by whatever name called, constituted or established by a Central, State or Provincial Act
36(1)(xiii)
Any banking cash transaction tax paid during the previous year on taxable banking transaction entered into by the assessee
All assessees
36(1)(xiv)
Contribution to notified credit guarantee trust fund for small industries
Public financial institution
36(1)(xv)
Securities Transaction Tax paid if corresponding income is included as income under the head ‘Profits and gains of business or profession’
All assessees
36(1)(xvi)
Amount equal to commodities transaction tax paid by an assessee in respect of taxable commodities transactions entered into in the course of his business during the previous year, if the income arising from such transactions is included in the income computed under the head “Profits and gains of business or profession”
All assessees
36(1)(xvii)
Expenditure incurred by a co-operative society (engaged in the business of manufacture of sugar) for purchase of sugarcane at a price which is equal to (or less than) the price fixed or approved by the Government
Co-operative society
37(1)
Any other expenditure [not being personal or capital expenditure and expenditure mentioned in sections 30 to 36] laid out wholly and exclusively for purposes of business or profession
All assessees
B. Non-deductible items
37(2B)
Advertisement in souvenir, brochure, tract, pamphlet, etc., of political party
All assessees
40(a)(i)
Interest, royalty, fees for technical services or other chargeable sum payable outside India, or in India to a non-resident or foreign company, on which tax has not been paid/deducted during the previous year or in the subsequent year within time prescribed under section 200(1). Where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid
All assessees
40(a)(ia)
Thirty per cent of any sum payable to a resident, on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139.
However, where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, thirty per cent of such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.
All assessees
40(a)(ib)
Any consideration paid or payable to a non-resident for a specified service on which equalisation levy is deductible under the provisions of Chapter VIII of the Finance Act, 2016, and such levy has not been deducted, or after deduction, has not been paid on or before the due date specified in section 139(1) (subject to certain conditions)
All assessees
40(a)(ic)
Any sum paid on account of fringe benefit tax
All assessees
40(a)(ii)
Rate or tax levied on the profits or gains of any business or profession
All assessees
40(a)(iia)
Wealth-tax paid
All assessees
40(a)(iib)
Amount paid by way of royalty, licence fee, service fee, privilege fee, service charge or any other fee or charge, by whatever name called, which is levied exclusively on, or any amount which is appropriated, whether directly or indirectly, from a State Government undertaking by the State Government
State Govt. undertakings
40(a)(iii)
Salaries payable outside India, or in India to a non-resident, on which tax has not been paid/deducted at source
All assessees as employers
40(a)(iv)
Payments to provident fund/other funds for employees’ benefit for which no effective arrangements are made to secure that tax is deducted at source on payments made from such funds which are chargeable to tax as ‘salaries’
All assessees as employers
40(a)(v)
Tax actually paid by an employer referred to in section 10(10CC)
All assessees as employers
40(b)
Interest, salary, bonus, commission or remuneration paid to partners (subject to certain conditions and limits)
Firms
40(ba)
Interest, salary, bonus, commission or remuneration paid to members (subject to certain conditions and limits)
Association of persons or body of individuals (except a company or a co-operative society, society registered under Societies Registration Act, etc.)
40A(2)
Expenditure involving payment to re-lative/director/partner/substantially interested person, etc., which, in the opinion of the Assessing Officer, is excessive or unreasonable
All assessees
40A(3)
100% of payments exceeding Rs. 20,000 (Rs. 35,000 in case of payment made for plying, hiring or leasing goods carriages) made to a person in a day otherwise than by account payee cheque/bank draft (subject to certain conditions)
All assessees
6DD
40A(7)
Any provision for payment of gratuity to employees, other than a provision made for purposes of contribution to approved gratuity fund or for payment of gratuity that has become payable during the year (subject to specified conditions)
All assessees as employers
40A(9)
Any sum paid for setting up or formation of, or as contribution to, any fund, trust, company, AOP, BOI, Society or other institution, other than recognised provident fund/approved superannuation fund/pension scheme referred to in section 80CCD/approved gratuity fund
All assessees as employers
C. Other deductible items
42(1)
In case of mineral oil concerns allowances specified in agreement entered into by Central Government with any person (subject to certain conditions and terms of agreement)
Assessees engaged in prospecting for or extraction or production of mineral oils
42(2)
In case of mineral oil concerns expenditure incurred remaining unallowed as reduced by proceeds of transfer
Assessee whose business consists of prospecting for or extraction or production of petroleum and natural gas and who transfers any interest in such business
43B
Any sum which is actually paid, relating to (i) tax/duty/cess/fee levied under any law, (ii) contribution to provident fund/superannuation fund/gratuity fund/any fund for employees’ welfare, (iii) bonus/commission to employees, (iv) interest on loan/borrowing from any public financial institution, State Financial Corporation or State Industrial Investment Corporation/interest payments to scheduled banks/Co-operative banks on loans or advances, and (v) sum payable by employers by way of leave encashment to employees.Deduction will not be allowed in year in which liability to pay is incurred unless actual payment is made in that year or before the due date of furnishing of return of income for that year
All assessees
44A
Expenditure in excess of subscription, etc., received from members (subject to certain conditions and limits)
Trade, professional or similar association
44C
Head office expenditure (subject to certain conditions and limits)
Non-resident
Against ‘capital gains’
48(i)
Expenditure incurred wholly and exclusively in connection with transfer of capital asset
All assessees
48(ii)
Cost of acquisition of capital asset and of any improvement thereto (indexed cost of acquisition and indexed cost of improvement, in case of long-term capi-tal assets)
All assessees
54
Long-term capital gains on sale of resi-dential house and land appurtenant thereto invested in purchase/construction of one residential house in India (subject to certain conditions and limits)
Individual/HUF
54B
Capital gains on transfer of land used for agricultural purposes, by an individual or his parents or a HUF, invested in other land for agricultural purposes (subject to certain conditions and limits)
Individual/HUF
54D
Capital gains on compulsory acquisition of land or building forming part of an industrial undertaking invested in purchase/construction of other land/building for shifting/re-establishing said undertaking or setting up new industrial undertaking (subject to certain conditions and limits)
Any assessee
54EA
Net consideration on transfer of long-term capital asset made before 1-4-2000 invested in specified bonds, debentures, shares of a public comp-any or units of notified mutual funds (subject to certain conditions and limits)
Any assessee
54EB
Long-term capital gains on transfer of any long-term capital asset made be-fore 1-4-2000 invested in specified long-term assets (subject to certain conditions and limits)
Any assessee
54EC
Long-term capital gains invested in long-term specified asset (bond redeemable after 3 years) (maximum investment is Rs. 50 lakhs : which includes total amount invested during financial year in which original asset is transferred and in subsequent financial year) issued by National Highways Authority of India; or by the Rural Electrification Corporation Limited (subject to certain conditions and limits)
Any assessee
54ED
Long-term capital gains on transfer before 1-4-2006 of certain listed securities or units invested in equity shares forming part of an eligible issue of capital (subject to certain conditions and limits)
Any assessee
54EE1
Long-term capital gains invested in long-term notified specified assets to finance start-ups
Any assessee
54F
Net consideration on transfer of long-term capital asset other than residential house invested in one residential house in India (subject to certain conditions and limits)
Individual/HUF
54G
Capital gain on transfer of machinery, plant, land or building used for the purposes of the business of an industrial undertaking situate in an urban area (transfer being effected for shifting the undertaking to a non-urban area) invested in new machinery, plant, building or land, in the said non-urban area, expenses on shifting, etc. (subject to certain conditions and limits)
Any assessee
54GA
Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone (subject to certain conditions and limits)
All assessees
54GB1
Exemption in respect of capital gain arising from the transfer of a long-term capital asset, being a residential property (a house or a plot of land), owned by the eligible assessee, and such assessee before the due date of furnishing of return of income under sub-section (1) of section 139 utilises the net consideration for subscription in the equity shares of an eligible company and such company has, within one year from the date of subscription in equity shares by the assessee, utilised this amount for purchase of specified new asset (subject to certain conditions and limits).
Individual/HUF
Against ‘income from other sources’
A. Deductible items
57(i)
Any reasonable sum paid by way of commission or remuneration for purpose of realising dividend (other than dividends referred to in section 115-O)
All assesses
57(i)
Any reasonable sum paid by way of commission or remuneration for the purpose of realising interest on securities
All assesses
57(ia)
Contributions to any provident fund or superannuation fund or any fund set up under Employees’ State Insurance Act, 1948 or any other fund for welfare of employees, if the same are credited to employees’ accounts in relevant funds before due date
All assesses
57(ii)
Repairs, insurance, and depreciation of building, plant and machinery and furniture
Assessees engaged in business of letting out of machinery, plant and furniture and buildings on hire
57(iia)
In case of family pension, 331/3 per cent of such pension or Rs. 15,000, whichever is less
Assessees in receipt of family pension on death of employee being member of assessee’s family
57(iii)
Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income
All assesses
57(iv)
In case of interest received on compensation or on enhanced compensation referred to in section 145A(2), a deduction of 50 per cent of such income (subject to certain conditions)
All assessees
B. Non-deductible items
58(1)(a)(i)
Personal expenses
All assessees
58(1)(a)(ii)
Interest chargeable to tax which is payable outside India on which tax has not been paid or deducted at source
All assessees
58(1)(a)(iii)
‘Salaries’ payable outside India on which no tax is paid or deducted at source
All assessees
58(1A)
Wealth-tax
All assessees
58(2)
Expenditure of the nature specified in section 40A
All assessees
58(4)
Expenditure in connection with winnings from lotteries, crossword puzzles, races, games, gambling or betting
All assessees

Classification of services under GST (Heading, Group & Service Code)

Posted on by Business So Simple in Miscellaneous



GST Council announces classification of services under GST


PROPOSED NEW SCHEME OF CLASSIFICATION OF SERVICES


Heading & Group Service Code (Tariff) Service Description
Section 5 : Construction Services
Heading No.9954   Construction services
Group 99541   Construction services of buildings
  995411 Construction services of single dwelling or multi dewlling or multi-storied residential buildings
  995412 Construction services of other residential buildings such as old age homes, homeless shelters, hostels etc
  995413 Construction services of industrial buildings such as buildings used for production activities (used for assembly line activities), workshops, storage buildings and other similar industrial buildings
  995414 Construction services of commercial buildings such as office buildings, exhibition & marriage halls, malls, hotels, restaurants, airports, rail or road terminals, parking garages, petrol and service stations, theatres and other similar buildings.
  995415 Construction services of other non-residential buildings such as educational institutions, hospitals, clinics including vertinary clinics, religious establishments, courts, prisons, museums and other similar buildings
  995416 Construction Services of other buildings n.e.c
  995419 Services involving Repair, alterations, additions, replacements, renovation, maintenance or remodelling of the buildings covered above.
     
Group 99542   General construction services of civil engineering works
  995421 General construction services of highways, streets, roads, railways and airfield runways, bridges and tunnels
  995422 General construction services of harbours, waterways, dams, water mains and lines, irrigation and other waterworks
  995423 General construction services of long-distance underground/overland/submarine pipelines, communication and electric power lines (cables); pumping stations and related works; transformer stations and related works.
  995424 General construction services of local water & sewage pipelines, electricity and communication cables & related works
  995425 General construction services of mines and industrial plants
  995426 General Construction services of Power Plants and its related infrastructure
  995427 General construction services of outdoor sport and recreation facilities
  995428 General construction services of other civil engineering works n.e.c.
  995429 Services involving Repair, alterations, additions, replacements, renovation, maintenance or remodelling of the constructions covered above.
     
Group 99543   Site preparation services
  995431 Demolition services
  995432 Site formation and clearance services including preparation services to make sites ready for subsequent construction work, test drilling & boring & core extraction, digging of trenches.
  995433 Excavating and earthmoving services
  995434 Water well drilling services and septic system installation services
  995435 Other site preparation services n.e.c
  995439 Services involving Repair, alterations, additions, replacements, maintenance of the constructions covered above.
     
Group 99544   Assembly and erection of prefabricated constructions
  995441 Installation, assembly and erection services of prefabricated buildings
  995442 Installation, assembly and erection services of other prefabricated structures and constructions
  995443 Installation services of all types of street furniture (e.g., bus shelters, benches, telephone booths, public toilets, etc.)
  995444 Other assembly and erection services n.e.c.
  995449 Services involving Repair, alterations, additions, replacements, maintenance of the constructions covered above.
     
Group 99545   Special trade construction services
  995451 Pile driving and foundation services
  995452 Building framing & Roof Framing services
  995453 Roofing and waterproofing services
  995454 Concrete services
  995455 Structural steel erection services
  995456 Masonry services
  995457 Scaffolding services
  995458 Other special trade construction services n.e.c.
  995459 Services involving Repair, alterations, additions, replacements, maintenance of the constructions covered above.
     
Group 99546   Installation services
  995461 Electrical installation services including Electrical wiring & fitting services, fire alarm installation services, burglar alarm system installation services.
  995462 Water plumbing and drain laying services
  995463 Heating, ventilation and air conditioning equipment installation services
  995464 Gas fitting installation services
  995465 Insulation services
  995466 Lift and escalator installation services
  995468 Other installation services n.e.c.
  995469 Services involving Repair, alterations, additions, replacements, maintenance of the installations covered above.
     
Group 99547   Building completion and finishing services
  995471 Glazing services
  995472 Plastering services
  995473 Painting services
  995474 Floor and wall tiling services
  995475 Other floor laying, wall covering and wall papering services
  995476 Joinery and carpentry services
  995477 Fencing and railing services
  995478 Other building completion and finishing services n.e.c.
  995479 Services involving Repair, alterations, additions, replacements, maintenance of the completion/finishing works covered above.
     
Section 6 : Distributive Trade Services ; Accomodation, Food & Beverage Service; Transport Services; Gas & Electricity Distribution Services
     
Heading No. 9961   Services in wholesale trade
Group 99611    
  996111 Services provided for a fee/commission or contract basis on wholesale trade
     
Heading No. 9962   Services in retail trade
Group 99621    
  996211 Services provided for a fee/commission or contract basis on retail trade
     
Heading No. 9963   Accommodation, Food and beverage services
Group 99631   Accommodation services
  996311 Room or unit accommodation services provided by Hotels, INN, Guest House, Club etc
  996312 Camp site services
  996313 Recreational and vacation camp services
     
     
Group 99632   Other accommodation services
  996321 Room or unit accommodation services for students in student residences
  996322 Room or unit accommodation services provided by Hostels, Camps, Paying Guest etc
  996329 Other room or unit accommodation services n.e.c.
     
Group 99633   Food, edible preparations, alchoholic & non-alchocholic beverages serving services
  996331 Services provided by Restaurants, Cafes and similar eating facilities including takeaway services, Room services and door delivery of food.
  996332 Services provided by Hotels, INN, Guest House, Club etc including Room services, takeaway services and door delivery of food.
  996333 Services provided in Canteen and other similar establishments
  996334 Catering Services in Exhibition halls, Events, Marriage Halls and other outdoor/indoor functions.
  996335 Catering services in trains, flights etc.
  996336 Preparation and/or supply services of food, edible preparations, alchoholic & non-alchocholic beverages to airlines and other transportation operators
  996337 Other contract food services
  996339 Other food, edible preparations, alchoholic & non-alchocholic beverages serving services n.e.c.
     
Heading No. 9964   Passenger transport services
Group 99641   Local transport and sightseeing transportation services of passengers
  996411 Local land transport services of passengers by railways, metro, monorail, bus, tramway, autos, three wheelers, scooters and other motor vehicles
  996412 Taxi services including radio taxi & other similar services;
  996413 Non-scheduled local bus and coach charter services
  996414 Other land transportation services of passengers.
  996415 Local water transport services of passengers by ferries, cruises etc
  996416 Sightseeing transportation services by rail, land, water & air
  996419 Other local transportation services of passengers n.e.c.
     
Group 99642   Long-distance transport services of passengers
  996421 Long-distance transport services of passengers through Rail network by Railways, Metro etc
  996422 Long-distance transport services of passengers through Road by Bus, Car, non-scheduled long distance bus and coach services, stage carriage etc
  996423 Taxi services including radio taxi & other similar services
  996424 Coastal and transoceanic (overseas) water transport services of passengers by Ferries, Cruise Ships etc
  996425 Domestic/International Scheduled Air transport services of passengers
  996426 Domestic/international non-scheduled air transport services of Passengers
  996427 Space transport services of passengers
  996429 Other long-distance transportation services of passengers n.e.c.
     
Heading No. 9965   Goods Transport Services
Group 99651   Land transport services of Goods
  996511 Road transport services of Goods including letters, parcels, live animals, household & office furniture, containers etc by refrigerator vehicles, trucks, trailers, man or animal drawn vehicles or any other vehicles.
  996512 Railway transport services of Goods including letters, parcels, live animals, household & office furniture, intermodal containers, bulk cargo etc
  996513 Transport services of petroleum & natural gas, water, sewerage and other goods via pipeline
  996519 Other land transport services of goods n.e.c.
     
Group 99652   Water transport services of goods
  996521 Coastal and transoceanic (overseas) water transport services of goods by refrigerator vessels, tankers, bulk cargo vessels, container ships etc
  996522 Inland water transport services of goods by refrigerator vessels, tankers and other vessels.
     
Group 99653   Air and space transport services of goods
  996531 Air transport services of letters & parcels and other goods
  996532 Space transport services of freight
     
Heading No. 9966   Rental services of transport vehicles with or without operators
Group 99660   Rental services of transport vehicles with or without operators
  996601 Rental services of road vehicles including buses, coaches, cars, trucks and other motor vehicles, with or without operator
  996602 Rental services of water vessels including passenger vessels, freight vessels etc with or without operator
  996603 Rental services of aircraft including passenger aircrafts, freight aircrafts etc with or without operator
  996609 Rental services of other transport vehicles n.e.c. with or without operator
     
Heading No.9967   Supporting services in transport
Group 99671   Cargo handling services
  996711 Container handling services
  996712 Customs House Agent services
  996713 Clearing and forwarding services
  996719 Other cargo and baggage handling services
     
Group 99672   Storage and warehousing services
  996721 Refrigerated storage services
  996722 Bulk liquid or gas storage services
  996729 Other storage and warehousing services
     
Group 99673   Supporting services for railway transport
  996731 Railway pushing or towing services
  996739 Other supporting services for railway transport n.e.c.
     
Group 99674   Supporting services for road transport
  996741 Bus station services
  996742 Operation services of National Highways, State Highways, Expressways, Roads & streets; bridges and tunnel operation services.
  996743 Parking lot services
  996744 Towing services for commercial and private vehicles
  996749 Other supporting services for road transport n.e.c.
     
Group 99675   Supporting services for water transport (coastal, transoceanic and inland waterways)
  996751 Port and waterway operation services (excl. cargo handling) such as operation services of ports, docks, light houses, light ships etc
  996752 Pilotage and berthing services
  996753 Vessel salvage and refloating services
  996759 Other supporting services for water transport n.e.c.
     
Group 99676   Supporting services for air or space transport
  996761 Airport operation services (excl. cargo handling)
  996762 Air traffic control services
  996763 Other supporting services for air transport
  996764 Supporting services for space transport
     
Group 99679   Other supporting transport services
  996791 Goods transport agency services for road transport
  996792 Goods transport agency services for other modes of transport
  996793 Other goods transport services
  996799 Other supporting transport services n.e.c
     
Heading No. 9968   Postal and courier services
Group 99681   Postal and courier services
  996811 Postal services including post office counter services, mail box rental services.
  996812 Courier services
  996813 Local delivery services
  996819 Other Delivery Services n.e.c
     
Heading No. 9969   Electricity, gas, water and other distribution services
Group 99691   Electricity and gas distribution services
  996911 Electricity transmission services
  996912 Electricity distribution services
  996913 Gas distribution services
     
Group 99692   Water distribution and other services
  996921 Water distribution services
  996922 Services involving distribution of steam, hot water and air conditioning supply etc.
  996929 Other similar services.
     
Section 7: Financial and related services; real estate services; and rental and leasing services
     
Heading No. 9971   Financial and related services
Group 99711   Financial services (except investment banking, insurance services and pension services)
  997111 Central banking services
  997112 Deposit services
  997113 Credit-granting services including stand-by commitment, guarantees & securities
  997114 Financial leasing services
  997119 Other financial services (except investment banking, insurance services and pension services)
     
Group 99712   Investment banking services
  997120 Investment banking services
     
Group 99713   Insurance and pension services (excluding reinsurance services)
  997131 pension services
  997132 Life insurance services (excluding reinsurance services)
  997133 Accident and health insurance services
  997134 Motor vehicle insurance services
  997135 Marine, aviation, and other transport insurance services
  997136 Freight insurance services & Travel insurance services
  997137 Other property insurance services
  997139 Other non-life insurance services (excluding reinsurance services)
     
Group 99714   Reinsurance services
  997141 Life reinsurance services
  997142 Accident and health reinsurance services
  997143 Motor vehicle reinsurance services
  997144 Marine, aviation and other transport reinsurance ser
  997145 services
  997146 Freight reinsurance services
  997147 Other property reinsurance services
  997149 Other non-life reinsurance services
     
Group 99715   Services auxiliary to financial services (other than to insurance and pensions)
  997151 Services related to investment banking such as mergers & acquisition services, corporate finance & venture capital services
  997152 Brokerage and related securities and commodities services including commodity exchange services
  997153 Portfolio management services except pension funds
  997154 Trust and custody services
  997155 Services related to the administration of financial markets
  997156 Financial consultancy services
  997157 Foreign exchange services
  997158 Financial transactions processing and clearing house services
  997159 Other services auxiliary to financial services
     
Group 99716   Services auxillary to insurance and pensions
  997161 Insurance brokerage and agency services
  997162 Insurance claims adjustment services
  997163 Actuarial services
  997164 Pension fund management services
  997169 Other services auxiliary to insurance and pensions
     
Group 99717   Services of holding financial assets
  997171 Services of holding equity of subsidiary companies
  997172 Services of holding securities and other assets of trusts and funds and similar financial entities
     
Heading No.9972   Real estate services
Group 99721   Real estate services involving owned or leased property
  997211 Rental or leasing services involving own or leased residential property
  997212 Rental or leasing services involving own or leased non-residential property
  997213 Trade services of buildings
  997214 Trade services of time-share properties
  997215 Trade services of vacant and subdivided land
     
Group 99722   Real estate services on a fee/commission basis or contract basis
  997221 Property management services on a fee/commission basis or contract basis
  997222 Building sales on a fee/commission basis or contract basis
  997223 Land sales on a fee/commission basis or contract basis
  997224 Real estate appraisal services on a fee/commission basis or contract basis
     
Heading no.9973   Leasing or rental services with or without operator
Group 99731   Leasing or rental services concerning machinery and equipment with or without operator
  997311 Leasing or rental services concerning transport equipments including containers, with or without operator
  997312 Leasing or rental services concerning agricultural machinery and equipment with or without operator
  997313 Leasing or rental services concerning construction machinery and equipment with or without operator
  997314 Leasing or rental services concerning office machinery and equipment (except computers) with or without operator
  997315 Leasing or rental services concerning computers with or without operators
  997316 Leasing or rental services concerning telecommunications equipment with or without operator
  997319 Leasing or rental services concerning other machinery and equipments with or without operator
     
Group 99732   Leasing or rental services concerning other goods
  997321 Leasing or rental services concerning televisions, radios, video cassette recorders, projectors, audio systems and related equipment and accessories (Home entertainment equipment )
  997322 Leasing or rental services concerning video tapes and disks (Home entertainment equipment )
  997323 Leasing or rental services concerning furniture and other household appliances
  997324 Leasing or rental services concerning pleasure and leisure equipment.
  997325 Leasing or rental services concerning household linen.
  997326 Leasing or rental services concerning textiles, clothing and footwear.
  997327 Leasing or rental services concerning do-it-yourself machinery and equipment
  997329 Leasing or rental services concerning other goods
     
Group 99733   Licensing services for the right to use intellectual property and similar products
  997331 Licensing services for the right to use computer software and databases.
  997332 Licensing services for the right to broadcast and show original films, sound recordings, radio and television programme etc.
  997333 Licensing services for the right to reproduce original art works
  997334 Licensing services for the right to reprint and copy manuscripts, books, journals and periodicals.
  997335 Licensing services for the right to use R&D products
  997336 Licensing services for the right to use trademarks and franchises
  997337 Licensing services for the right to use minerals including its exploration and evaluation
  997338 Licensing services for right to use other natural resources including telecommunication spectrum
  997339 Licensing services for the right to use other intellectual property products and other rescources n.e.c
     
Section 8 : Business and Production Services
     
Heading no. 9981   Research and development services
Group 99811   Research and experimental development services in natural sciences and engineering.
  998111 Research and experimental development services in natural sciences
  998112 Research and experimental development services in engineering and technology
  998113 Research and experimental development services in medical sciences and pharmacy.
  998114 Research and experimental development services in agricultural sciences.
     
Group 99812   Research and experimental development services in social sciences and humanities.
  998121 Research and experimental development services in social sciences.
  998122 Research and experimental development services in humanities
     
Group 99813   Interdisciplinary research services.
  998130 Interdisciplinary research and experimental development services.
     
Group 99814   Research and development originals
  998141 Research and development originals in pharmaceuticals
  998142 Research and development originals in agriculture
  998143 Research and development originals in biotechnology
  998144 Research and development originals in computer related sciences
  998145 Research and development originals in other fields n.e.c.
     
Heading no. 9982   Legal and accounting services
Group 99821   Legal services
  998211 Legal advisory and representation services concerning criminal law.
  998212 Legal advisory and representation services concerning other fields of law.
  998213 Legal documentation and certification services concerning patents, copyrights and other intellectual property rights.
  998214 Legal documentation and certification services concerning other documents.
  998215 Arbitration and conciliation services
  998216 Other legal services n.e.c.
     
Group 99822   Accounting, auditing and bookkeeping services
  998221 Financial auditing services
  998222 Accounting and bookkeeping services
  998223 Payroll services
  998224 Other similar services n.e.c
     
Group 99823   Tax consultancy and preparation services
  998231 Corporate tax consulting and preparation services
  998232 Individual tax preparation and planning services
     
Group 99824   Insolvency and receivership services
  998240 Insolvency and receivership services
     
Heading no. 9983   Other professional, technical and business services
Group 99831   Management consulting and management services; information technology services.
  998311 Management consulting and management services including financial, strategic, human resources, marketing, operations and supply chain management.
  998312 Business consulting services including pubic relations services
  998313 Information technology (IT) consulting and support services
  998314 Information technology (IT) design and development services
  998315 Hosting and information technology (IT) infrastructure provisioning services
  998316 IT infrastructure and network management services
  998319 Other information technology services n.e.c
     
Group 99832   Architectural services, urban and land planning and landscape architectural services
  998321 Architectural advisory services
  998322 Architectural services for residential building projects
  998323 Architectural services for non-residential building projects
  998324 Historical restoration architectural services
  998325 Urban planning services
  998326 Rural land planning services
  998327 Project site master planning services
  998328 Landscape architectural services and advisory services
     
Group 99833   Engineering services
  998331 Engineering advisory services
  998332 Engineering services for building projects
  998333 Engineering services for industrial and manufacturing projects
  998334 Engineering services for transportation projects
  998335 Engineering services for power projects
  998336 Engineering services for telecommunications and broadcasting projects
  998337 Engineering services for waste management projects (hazardous and non-hazardous), for water, sewerage and drainage projects.
  998338 Engineering services for other projects n.e.c.
  998339 Project management services for construction projects
     
Group 99834   Scientific and other technical services
  998341 Geological and geophysical consulting services
  998342 Subsurface surveying services
  998343 Mineral exploration and evaluation
  998344 Surface surveying and map-making services
  998345 Weather forecasting and meteorological services
  998346 Technical testing and analysis services
  998347 Certification of ships, aircraft, dams, etc.
  998348 Certification and authentication of works of art
  998349 Other technical and scientific services n.e.c.
     
Group 99835   Veterinary services
  998351 Veterinary services for pet animals
  998352 Veterinary services for livestock
  998359 Other veterinary services n.e.c.
     
Group 99836   Advertising services and provision of advertising space or time.
  998361 Advertising Services
  998362 Purchase or sale of advertising space or time, on commission
  998363 Sale of advertising space in print media (except on commission)
  998364 Sale of TV and radio advertising time
  998365 Sale of Internet advertising space
  998366 Sale of other advertising space or time (except on commission)
     
Group 99837   Market research and public opinion polling services
  998371 Market research services
  998372 Public opinion polling services
     
Group 99838   Photography & Videography and their processing services
  998381 Portrait photography services
  998382 Advertising and related photography services
  998383 Event photography and event videography services
  998384 Specialty photography services
  998385 Restoration and retouching services of photography
  998386 Photographic & videographic processing services
  998387 Other Photography & Videography and their processing services n.e.c.
     
Group 99839   Other professional, technical and business services.
  998391 Specialty design services including interior design, fashion design, industrial design and other specialty design services
  998392 Design originals
  998393 Scientific and technical consulting services
  998394 Original compilations of facts/information
  998395 Translation and interpretation services
  998396 Trademarks and franchises
  998397 Sponsorship Services & Brand Promotion Services
  998399 Other professional, technical and business services n.e.c.
     
Heading no. 9984   Telecommunications, broadcasting and information supply services
Group 99841   Telephony and other telecommunications services
  998411 Carrier services
  998412 Fixed telephony services
  998413 Mobile telecommunications services
  998414 Private network services
  998415 Data transmission services
  998419 Other telecommunications services including Fax services, Telex services n.e.c.
     
Group 99842   Internet telecommunications services
  998421 Internet backbone services
  998422 Internet access services in wired and wireless mode.
  998423 Fax, telephony over the Internet
  998424 Audio conferencing and video conferencing over the Internet
  998429 Other Internet telecommunications services n.e.c.
     
Group 99843   On-line content services
  998431 On-line text based information such as online books, newpapers, periodicals, directories etc
  998432 On-line audio content
  998433 On-line video content
  998434 Software downloads
  998439 Other on-line contents n.e.c.
     
Group 99844   News agency services
  998441 News agency services to newspapers and periodicals
  998442 Services of independent journalists and press photographers
  998443 News agency services to audiovisual media
     
Group 99845   Library and archive services
  998451 Library services
  998452 Operation services of public archives including digital archives
  998453 Operation services of historical archives including digital archives
     
Group 99846   Broadcasting, programming and programme distribution services
  998461 Radio broadcast originals
  998462 Television broadcast originals
  998463 Radio channel programmes
  998464 Television channel programmes
  998465 Broadcasting services
  998466 Home programme distribution services
     
Heading no. 9985   Support services
Group 99851   Employment services including personnel search/referral service & labour supply service
  998511 Executive/retained personnel search services
  998512 Permanent placement services, other than executive search services
  998513 Contract staffing services
  998514 Temporary staffing services
  998515 Long-term staffing (pay rolling) services
  998516 Temporary staffing-to-permanent placement services
  998517 Co-employment staffing services
  998519 Other employment & labour supply services n.e.c
     
Group 99852   Investigation and security services
  998521 Investigation services
  998522 Security consulting services
  998523 Security systems services
  998524 Armoured car services
  998525 Guard services
  998526 Training of guard dogs
  998527 Polygraph services
  998528 Fingerprinting services
  998529 Other security services n.e.c.
     
Group 99853   Cleaning services
  998531 Disinfecting and exterminating services
  998532 Window cleaning services
  998533 General cleaning services
  998534 Specialized cleaning services for reservoirs and tanks
  998535 Sterilization of objects or premises (operating rooms)
  998536 Furnace and chimney cleaning services
  998537 Exterior cleaning of buildings of all types
  998538 Cleaning of transportation equipment
  998539 Other cleaning services n.e.c.
     
Group 99854   Packaging services
  998540 Packaging services of goods for others
  998541 Parcel packing and gift wrapping
  998542 Coin and currency packing services
  998549 Other packaging services n.e.c
     
Group 99855   Travel arrangement, tour operator and related services
  998551 Reservation services for transportation
  998552 Reservation services for accommodation, cruises and package tours
  998553 Reservation services for convention centres, congress centres and exhibition halls
  998554 Reservation services for event tickets, cinema halls, entertainment and recreational services and other reservation services
  998555 Tour operator services
  998556 Tourist guide services
  998557 Tourism promotion and visitor information services
  998559 Other travel arrangement and related services n.e.c
     
Group 99859   Other support services
  998591 Credit reporting & rating services
  998592 Collection agency services
  998593 Telephone-based support services
  998594 Combined office administrative services
  998595 Specialized office support services such as duplicating services, mailing services, document preparation etc
  998596 Events, Exhibitions, Conventions and trade shows organisation and assistance services
  998597 Landscape care and maintenance services
  998598 Other information services n.e.c.
  998599 Other support services n.e.c.
     
Heading no.9986   Support services to agriculture, hunting, forestry, fishing, mining and utilities.
Group 99861   Support services to agriculture, hunting, forestry and fishing
  998611 Support services to crop production
  998612 Animal husbandry services
  998613 Support services to hunting
  998614 Support services to forestry and logging
  998615 Support services to fishing
  998619 Other support services to agriculture, hunting, forestry and fishing
     
Group 99862   Support services to mining
  998621 Support services to oil and gas extraction
  998622 Support services to other mining n.e.c.
     
Group 99863   Support services to electricity, gas and water distribution
  998631 Support services to electricity transmission and distribution
  998632 Support services to gas distribution
  998633 Support services to water distribution
  998634 Support services to Distribution services of steam, hot water and air-conditioning supply
     
Heading no. 9987   Maintenance, repair and installation (except construction) services
Group 99871   Maintenance and repair services of fabricated metal products, machinery and equipment
  998711 Maintenance and repair services of fabricated metal products, except machinery and equipment.
  998712 Maintenance and repair services of office and accounting machinery
  998713 Maintenance and repair services of computers and peripheral equipment
  998714 Maintenance and repair services of transport machinery and equipment
  998715 Maintenance and repair services of electrical household appliances
  998716 Maintenance and repair services of telecommunication equipments and apparatus
  998717 Maintenance and repair services of commercial and industrial machinery.
  998718 Maintenance and repair services of elevators and escalators
  998719 Maintenance and repair services of other machinery and equipments
     
Group 99872   Repair services of other goods
  998721 Repair services of footwear and leather goods
  998722 Repair services of watches, clocks and jewellery
  998723 Repair services of garments and household textiles
  998724 Repair services of furniture
  998725 Repair services of bicycles
  998726 Maintenance and repair services of musical instruments
  998727 Repair services for photographic equipment and cameras
  998729 Maintenance and repair services of other goods n.e.c.
     
Group 99873   Installation services (other than construction)
  998731 Installation services of fabricated metal products, except machinery and equipment.
  998732 Installation services of industrial, manufacturing and service industry machinery and equipment.
  998733 Installation services of office and accounting machinery and computers
  998734 Installation services of radio, television and communications equipment and apparatus.
  998735 Installation services of professional medical machinery and equipment, and precision and optical instruments.
  998736 Installation services of electrical machinery and apparatus n.e.c.
  998739 Installation services of other goods n.e.c.
     
Heading no. 9988   Manufacturing services on physical inputs (goods) owned by others
Group 99881   Food, beverage and tobacco manufacturing services
  998811 Meat processing services
  998812 Fish processing services
  998813 Fruit and vegetables processing services
  998814 Vegetable and animal oil and fat manufacturing services
  998815 Dairy product manufacturing services
  998816 Other food product manufacturing services
  998817 Prepared animal feeds manufacturing services
  998818 Beverage manufacturing services
  998819 Tobacco manufacturing services n.e.c.
     
Group 99882   Textile, wearing apparel and leather manufacturing services
  998821 Textile manufacturing services
  998822 Wearing apparel manufacturing services
  998823 Leather and leather product manufacturing services
     
Group 99883   Wood and paper manufacturing services
  998831 Wood and wood product manufacturing services
  998832 Paper and paper product manufacturing services
     
Group 99884   Petroleum, chemical and pharmaceutical product manufacturing services
  998841 Coke and refined petroleum product manufacturing services
  998842 Chemical product manufacturing services
  998843 Pharmaceutical product manufacturing services
     
     
Group 99885   Rubber, plastic and other non-metallic mineral product manufacturing service
  998851 Rubber and plastic product manufacturing services
  998852 Plastic product manufacturing services
  998853 Other non-metallic mineral product manufacturing services
     
Group 99886   Basic metal manufacturing services
  998860 Basic metal manufacturing services
     
Group 99887   Fabricated metal product, machinery and equipment manufacturing services
  998871 Structural metal product, tank, reservoir and steam generator manufacturing services
  998872 Weapon and ammunition manufacturing services
  998873 Other fabricated metal product manufacturing and metal treatment services
  998874 Computer, electronic and optical product manufacturing services
  998875 Electrical equipment manufacturing services
  998876 General-purpose machinery manufacturing services n.e.c.
  998877 Special-purpose machinery manufacturing services
     
Group 99888   Transport equipment manufacturing services
  998881 Motor vehicle and trailer manufacturing services
  998882 Other transport equipment manufacturing services
     
Group 99889   Other manufacturing services
  998891 Furniture manufacturing services
  998892 Jewellery manufacturing services
  998893 Imitation jewellery manufacturing services
  998894 Musical instrument manufacturing services
  998895 Sports goods manufacturing services
  998896 Game and toy manufacturing services
  998897 Medical and dental instrument and supply manufacturing services
  998898 Other manufacturing services n.e.c.
     
Heading no. 9989   Other manufacturing services; publishing, printing and reproduction services; materials recovery services
Group 99891   Publishing, printing and reproduction services
  998911 Publishing, on a fee or contract basis
  998912 Printing and reproduction services of recorded media, on a fee or contract basis
     
Group 99892   Moulding, pressing, stamping, extruding and similar plastic manufacturing services
  998920 Moulding, pressing, stamping, extruding and similar plastic manufacturing services
     
Group 99893   Casting, forging, stamping and similar metal manufacturing services
  998931 Iron and steel casting services
  998932 Non-ferrous metal casting services
  998933 Metal forging, pressing, stamping, roll forming and powder metallurgy services
     
Group 99894   Materials recovery (recycling) services, on a fee or contract basis
  998941 Metal waste and scrap recovery (recycling) services, on a fee or contract basis
  998942 Non-metal waste and scrap recovery (recycling) services, on a fee or contract basis
     
Section 9 : Community, Social & Personal Services and other miscellaneous services
     
Heading No. 9991   Public administration and other services provided to the community as a whole; compulsory social security services
     
Group 99911   Administrative services of the government
  999111 Overall Government public services
  999112 Public administrative services related to the provision of educational, health care, cultural and other social services, excluding social security service.
  999113 Public administrative services related to the more efficient operation of business.
  999119 Other administrative services of the government n.e.c.
     
Group 99912   Public administrative services provided to the community as a whole
  999121 Public administrative services related to external affairs, diplomatic and consular services abroad.
  999122 Services related to foreign economic aid
  999123 Services related to foreign military aid
  999124 Military defence services
  999125 Civil defence services
  999126 Police and fire protection services
  999127 Public administrative services related to law courts
  999128 Administrative services related to the detention or rehabilitation of criminals.
  999129 Public administrative services related to other public order and safety affairs n.e.c.
     
Group 99913   Administrative services related to compulsory social security schemes.
  999131 Administrative services related to sickness, maternity or temporary disablement benefit schemes.
  999132 Administrative services related to government employee pension schemes; old-age disability or survivors’ benefit schemes, other than for government employees
  999133 Administrative services related to unemployment compensation benefit schemes
  999134 Administrative services related to family and child allowance programmes
     
Heading no. 9992   Education services
Group 99921   Pre-primary education services
  999210 Pre-primary education services
     
Group 99922   Primary education services
  999220 Primary education services
     
Group 99923   Secondary Education Services
  999231 Secondary education services, general
  999232 Secondary education services, technical and vocational.
     
Group 99924   Higher education services
  999241 Higher education services, general
  999242 Higher education services, technical
  999243 Higher education services, vocational
  999249 Other higher education services
     
Group 99925   Specialised education services
  999259 Specialised education services
     
Group 99929   Other education & training services and educational support services
  999291 Cultural education services
  999292 Sports and recreation education services
  999293 Commercial training and coaching services
  999294 Other education and training services n.e.c.
  999295 services involving conduct of examination for admission to educational institutions
  999299 Other Educational support services
     
Heading no. 9993   Human health and social care services
Group 99931   Human health services
  999311 Inpatient services
  999312 Medical and dental services
  999313 Childbirth and related services
  999314 Nursing and Physiotherapeutic services
  999315 Ambulance services
  999316 Medical Laboratory and Diagnostic-imaging services
  999317 Blood, sperm and organ bank services
  999319 Other human health services including homeopathy, unani, ayurveda, naturopathy, acupuncture etc.
     
Group 99932   Residential care services for the elderly and disabled
  999321 Residential health-care services other than by hospitals
  999322 Residential care services for the elderly and persons with disabilities
     
Group 99933   Other social services with accommodation
  999331 Residential care services for children suffering from mental retardation, mental health illnesses or substance abuse
  999332 Other social services with accommodation for children
  999333 Residential care services for adults suffering from mental retardation, mental health illnesses or substance abuse
  999334 Other social services with accommodation for adults
     
Group 99934   Social services without accommodation for the elderly and disabled
  999341 Vocational rehabilitation services
  999349 Other social services without accommodation for the elderly and disabled n.e.c.
     
Group 99935   Other social services without accommodation
  999351 Child day-care services
  999352 Guidance and counseling services n.e.c. related to children
  999353 Welfare services without accommodation
  999359 Other social services without accommodation n.e.c.
     
Heading no.9994   Sewage and waste collection, treatment and disposal and other environmental protection services
     
Group 99941   Sewerage, sewage treatment and septic tank cleaning services
  999411 Sewerage and sewage treatment services
  999412 Septic tank emptying and cleaning services
     
Group 99942   Waste collection services
  999421 Collection services of hazardous waste
  999422 Collection services of non-hazardous recyclable materials
  999423 General waste collection services, residential
  999424 General waste collection services, other n.e.c.
     
Group 99943   Waste treatment and disposal services
  999431 Waste preparation, consolidation and storage services
  999432 Hazardous waste treatment and disposal services
  999433 Non-hazardous waste treatment and disposal services
     
Group 99944   Remediation services
  999441 Site remediation and clean-up services
  999442 Containment, control and monitoring services and other site remediation services
  999443 Building remediation services
  999449 Other remediation services n.e.c.
     
Group 99945   Sanitation and similar services
  999451 Sweeping and snow removal services
  999459 Other sanitation services n.e.c.
     
Group 99949   Others
  999490 Other environmental protection services n.e.c.
     
Heading no.9995   Services of membership organizations
Group 99951   Services furnished by business, employers and professional organizations Services
  999511 Services furnished by business and employers organizations
  999512 Services furnished by professional organizations
     
Group 99952   Services furnished by trade unions
  999520 Services furnished by trade unions
     
Group 99959   Services furnished by other membership organizations
  999591 Religious services
  999592 Services furnished by political organizations
  999593 Services furnished by human rights organizations
  999594 Cultural and recreational associations
  999595 Services furnished by environmental advocacy groups
  999596 Services provided by youth associations
  999597 Other civic and social organizations
  999598 Home owners associations
  999599 Services provided by other membership organizations n.e.c.
     
Heading No.9996   Recreational, cultural and sporting services
Group 99961   Audiovisual and related services
  999611 Sound recording services
  999612 Motion picture, videotape, television and radio programme production services
  999613 Audiovisual post-production services
  999614 Motion picture, videotape and television programme distribution services
  999615 Motion picture projection services
     
Group 99962   Performing arts and other live entertainment event presentation and promotion services
  999621 Performing arts event promotion and organization services
  999622 Performing arts event production and presentation services
  999623 Performing arts facility operation services
  999629 Other performing arts and live entertainment services n.e.c.
     
Group 99963   Services of performing and other artists
  999631 Services of performing artists including actors, readers, musicians, singers, dancers, TV personalities, independent models etc
  999632 Services of authors, composers, sculptors and other artists, except performing artists
  999633 Original works of authors, composers and other artists except performing artists, painters and sculptors
     
Group 99964   Museum and preservation services
  999641 Museum and preservation services of historical sites and buildings
  999642 Botanical, zoological and nature reserve services
     
Group 99965   Sports and recreational sports services
  999651 Sports and recreational sports event promotion and organization services
  999652 Sports and recreational sports facility operation services
  999659 Other sports and recreational sports services n.e.c.
     
Group 99966   Services of athletes and related support services
  999661 Services of athletes
  999662 Support services related to sports and recreation
     
Group 99969   Other amusement and recreational services
  999691 Amusement park and similar attraction services
  999692 Gambling and betting services including similar online services
  999693 Coin-operated amusement machine services
  999694 Lottery services
  999699 Other recreation and amusement services n.e.c.
     
Heading No.9997   Other services
Group 99971   Washing, cleaning and dyeing services
  999711 Coin-operated laundry services
  999712 Dry-cleaning services (including fur product cleaning services)
  999713 Other textile cleaning services
  999714 Pressing services
  999715 Dyeing and colouring services
  999719 Other washing, cleaning and dyeing services n.e.c
     
Group 99972   Beauty and physical well-being services
  999721 Hairdressing and barbers services
  999722 Cosmetic treatment (including cosmetic/plastic surgery), manicuring and pedicuring services
  999723 Physical well-being services including health club & fitness centre
  999729 Other beauty treatment services n.e.c.
     
Group 99973   Funeral, cremation and undertaking services
  999731 Cemeteries and cremation services
  999732 Undertaking services
     
Group 99979   Other miscellaneous services
  999791 Services involving commercial use or exploitation of any event
  999792 Agreeing to do an act
  999793 Agreeing to refrain from doing an act
  999794 Agreeing to tolerate an act
  999795 Conduct of religious ceremonies/rituals by persons
  999799 Other services n.e.c.
     
Heading No. 9998   Domestic services
Group 99980   Domestic services
  999800 Domestic services both part time & full time
     
Heading No. 9999   Services provided by extraterritorial organizations and bodies.
Group 99990   Services provided by extraterritorial organizations and bodies.
  999900 Services provided by extraterritorial organizations and bodies

Ashtravakra Gita : Peace

Posted on by Business So Simple in Miscellaneous

Ashtavakra Said:

18.71

Rules of conduct, detachment,
renunciation, asceticism—
what are these to one
who sees the unreality of things,
who is the Light of Awareness?

18.72

How can there be joy or sorrow,
bondage or liberation,
for one who perceives non-existence
and lights the infinite?

18.73

Until Self-realization,
illusion prevails.
The sage lives without
thoughts of “I” or “mine.”
His connection to illusion is severed.

18.74

What is knowledge?
What is the universe?
What are thoughts like
“I am the body,” or “the body is mine”?
The sage is imperishable and sorrowless.
He is Self alone.

18.75

When a weak man gives up meditation
he falls prey to whims and desires.

18.76

Even hearing Truth,
the man of dull intellect
holds on to illusion.
Through effort and suppression
he may appear outwardly composed,
but inside he craves the world.

18.77

Though others may see him working,
the sage does nothing.
Knowledge has banished effort.
He finds no reason to do or say.

18.78

The sage is fearless, unassailable.
No darkness, no light, nothing to lose.
Nothing.

18.79

Patience, discrimination,
even fearlessness—
What use are these to the yogi?
His nature cannot be described.
He is not a person.

18.80

No heaven, no hell,
no liberation for the living.
In short, Consciousness is Void.
What more can be said?

Series continue….

Tax Planning Series 3: Deductions under Income Tax Act, 1961 (Applicable for AY 2017-18)-Part 1

Posted on by Business So Simple in Miscellaneous

Deductions under Income Tax Act, 1961 (Applicable for AY 2017-18)

Section
 Nature of deduction
Who can claim
Relevant Rule
(1)
(2)
(3)
(4)
For certain payments
80C
■
Life insurance premium for policy :
Individual/HUF
–
in case of individual, on life of assessee, assessee’s spouse and any child of assessee
–
in case of HUF, on life of any member of the HUF
■
Sum paid under a contract for a deferred annuity :
–
in case of individual, on life of the individual, individual’s spouse and any child of the individual (however, contract should not contain an option to receive cash payment in lieu of annuity)
■
Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children [qualifying amount limited to 20% of salary]
■
Contributions by an individual made under Employees’ Provident Fund Scheme
■
Contribution to Public Provident Fund Account in the name of:
–
in case of individual, such individual or his spouse or any child of such individual
■
Contribution by an employee to a recognised provident fund
■
Contribution by an employee to an approved superannuation fund
■
Subscription to any notified security or notified deposit scheme (Sukanya Samriddhi Account Scheme) of the Central Government in the case of an individual, in the name of individual, or any girl child of that individual, or any girl child for whom such person is the legal guardian, if the scheme so specifies. (Scheme does not allow deposit in the name of individual)
■
Subscription to notified savings certificates [National Savings Certificates (VIII Issue)]
■
Contribution for participation in unit-linked Insurance Plan of UTI :
–
in case of an individual, in the name of the individual, his spouse or any child of such individual
–
in case of a HUF, in the name of any member thereof
■
Contribution to notified unit-linked insurance plan of LIC Mutual Fund [Dhanaraksha 1989]
–
in the case of an individual, in the name of the individual, his spouse or any child of such individual
–
in the case of a HUF, in the name of any member thereof
■
Subscription to notified deposit scheme or notified pension fund set up by National Housing Bank [Home Loan Account Scheme/National Housing Banks (Tax Saving) Term Deposit Scheme, 2008]
■
Tuition fees (excluding development fees, donations, etc.) paid by an individual to any university, college, school or other educational institution situated in India, for full time education of any 2 of his/her children
■
Certain payments for purchase/construction of residential house property
■
Subscription to notified schemes of (a) public sector companies engaged in providing long-term finance for purchase/construction of houses in India for residential purposes or (b) authority constituted under any law for satisfying need for housing accommodation or for planning, development or improvement of cities, towns and villages, or for both
■
Sum paid towards notified annuity plan of LIC (New Jeevan Dhara/New Jeevan Dhara-I/New Jeevan Akshay/New Jeevan Akshay-I/New Jeevan Akshay-II/Jeewan Akshay-III plan of LIC) or other insurer
■
Subscription to any units of any notified [u/s 10(23D)] Mutual Fund or the UTI (Equity Linked Saving Scheme, 2005)
■
Contribution by an individual to any pension fund set up by any mutual fund which is referred to in section 10(23D) or by the UTI (UTI Retirement Benefit Pension Fund)
■
Subscription to equity shares or debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions
20
■
Subscription to any units of any approved mutual fund referred to in section 10(23D), provided amount of subscription to such units is subscribed only in ‘eligible issue of capital’ referred to above.
20A
■
Term deposits for a fixed period of not less than 5 years with a sche-duled bank, and which is in accordance with a scheme1 framed and notified.
■
Subscription to notified bonds issued by the NABARD.
■
Deposit in an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions)
■
5-year term deposit in an account under the Post Office Time Deposit Rules, 1981 (subject to certain conditions)
Notes:
1.
Deduction is limited to whole of the amount paid or deposited subject to a maximum of Rs. 1,50,000. This maximum limit of Rs. 1,50,000 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD.
2.
The sums paid or deposited need not be out of income chargeable to tax of the previous year. Amount may be paid or deposited any time during the previous year, but the deduction shall be available on so much of the aggregate of sums as do not exceed the total income chargeable to tax during the previous year.
3.
Life Insurance premium is part of gross qualifying amount for the purpose of deduction under section 80C. Payment of premium which is in excess of 10 per cent (if policy is issued on or after 1-4-2013, 15% in case of insurance on life of person with disability referred to in section 80U or suffering from disease or ailment specified in section 80DDB/rule 11DD) of actual capital sum assured shall not be included in gross qualifying amount. The value of any premiums agreed to be returned or of any benefit by way of bonus or otherwise, over and above the sum actually assured, which is to be or may be received under the policy by any person, shall not be taken into account for the purpose of calculating the actual capital sum assured.
The limit of 10 per cent will be applicable only in the case of policies issued on or after 1-4-2012. In respect of policies issued prior to 1-4-2012, the old limit of 20 per cent of actual sum assured will be applicable.
‘Actual capital sum assured’ in relation to a life insurance policy shall mean the minimum amount assured under the policy on happening of the insured event at any time during the term of the policy, not taking into account—
(i)
the value of any premium agreed to be returned; or
(ii)
any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person.
4.
Where, in any previous year, an assessee—
(i)
terminates his contract of insurance, by notice to that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not reviving contract of insurance,—
(a)
in case of any single premium policy, within two years after the date of commencement of insurance; or
(b)
in any other case, before premiums have been paid for two years; or
(ii)
terminates his participation in any unit-linked insurance plan (ULIP), by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his participation, before contributions in respect of such participation have been paid for five years; or
(iii)
transfers the house property before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified in that clause,
then,—
(a)
no deduction shall be allowed to the assessee with reference to any of such sums, paid in such previous year; and
(b)
the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.
If any equity shares or debentures, with reference to the cost of which a deduction is allowed, are sold or otherwise transferred by the assessee to any person at any time within a period of three years from the date of their acquisition, the aggregate amount of the deductions of income so allowed in respect of such equity shares or debentures in the previous year or years preceding the previous year in which such sale or transfer has taken place shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.
A person shall be treated as having acquired any shares or debentures on the date on which his name is entered in relation to those shares or debentures in the register of members or of debenture-holders, as the case may be, of the public company.
5.
If any amount, including interest accrued thereon, is withdrawn by the assessee from his deposit account made under (a) Senior Citizen Saving Scheme or (b) Post Office Time Deposit Rules, before the expiry of the period of five years from the date of its deposit, the amount so withdrawn shall be deemed to be the income of the assessee of the previous year in which the amount is withdrawn and shall be liable to tax in the assessment year relevant to such previous year.
The amount liable to tax shall not include the following amounts, namely:—
(i)
any amount of interest, relating to deposits referred to above, which has been included in the total income of the assessee of the previous year or years preceding such previous year; and
(ii)
any amount received by the nominee or legal heir of the assessee, on the death of such assessee, other than interest, if any, accrued thereon, which was not included in the total income of the assessee for the previous year or years preceding such previous year.
Section
 Nature of deduction
Who can claim
Relevant Rule
(1)
(2)
(3)
(4)
80CCC
Contributions to certain pension funds of LIC or any other insurer (up to Rs. 1,50,000 from assessment year 2016-17) (Rs. 1,00,000 for assessment year 2015-16) (subject to certain conditions)
Individual
80CCD
Contribution to pension scheme notified by Central Government up to 10% of salary (subject to certain conditions and limits)
Individual
80CCF
Amount up to Rs. 20,000, paid or deposited, during the previous year relevant to assessment year 2011-12 or 2012-13, as subscription to notified long-term infrastructure bonds
Individual/HUF
80CCG
50 per cent of amount invested by specified resident individuals in notified equity savings scheme(subject to certain conditions and limits) (maximum deduction : Rs. 25,000)
Specified resident individuals (new retail investors)
80D
Medical insurance premia paid by any mode other than cash to LIC or any other insurer up to specified limits(subject to certain conditions)
Individual/HUF
80DD
Deduction of Rs. 50,000 (Rs. 1,00,000 in case of severe disability) (with effect from assessment year 2016-17 deduction is Rs. 75,000 and Rs. 1,25,000 in case of severe disability) to a resident individual/HUF where (a) any expenditure has been incurred for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] including autism, cerebral palsy and multiple disability as referred to in National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999), or (b) any amount is paid or deposited under an approved scheme framed in this behalf by the LIC or any other insurer or the Administrator or the specified company [as referred to in UTI (Transfer of Undertaking & Repeal) Act, 2002] for the maintenance of a dependent, being a person with disability (subject to certain conditions)
Resident Indivi- dual/HUF
11A
80DDB
Expenses actually paid for medical treatment of specified diseases and ailments subject to certain conditions
Resident Individual/HUF
11DD
80E
Amount paid out of income chargeable to tax by way of payment of interest on loan taken from financial institution/approved charitable institution for pursuing higher education (subject to certain conditions) (maximum period : 8 years)
Individual
80EE
Interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property (subject to certain conditions and limits) (maximum deduction : Rs. 1,00,000)
Individual
80G
Donations to certain approved funds, trusts, charitable institutions/donations for renovation or repairs of notified temples, etc. [amount of deduction is 50 per cent of net qualifying amount]. 100 per cent of qualifying donations to National Defence Fund, Prime Minister’s National Relief Fund, Prime Minister’s Armenia Earthquake Relief Fund, Africa (Public Contributions – India) Fund, National Children’s Fund, Government or approved association for promoting family planning, universities and approved educational institutions of national eminence, National Foundation for Communal Harmony, Chief Minister’s Earthquake Relief Fund (Maharashtra), Zila Saksharta Samitis, National or State Blood Transfusion Council, Fund set up by State Government to provide medical relief to the poor, Army Central Welfare Fund, Indian Naval Benevolent Fund and Air Force Central Welfare Fund, Andhra Pradesh Chief Minister’s Cyclone Relief Fund, National Illness Assistance Fund, Chief Minister’s Relief Fund or the Lt. Governor’s Relief Fund in respect of any State or Union Territory, National Sports Fund, National Cultural Fund, Fund for Technology Development and Application, Indian Olympic Association, etc., fund set up by State Government of Gujarat exclusively for providing relief to victims of earthquake in Gujarat, National Trust for Welfare of Persons with Autism, Cerebral palsy, Mental retardation and Multiple Disabilities, the Swachh Bharat Kosh and the Clean Ganga Fund and National Fund for Control of Drug Abuse (from assessment year 2016-17) [subject to certain conditions and limits]
All assessees
18AAAA,18AAAAA
80GG
Rent paid in excess of 10% of total income for furnished/unfurnished resi-dential accommodation (subject to maximum of Rs. 2,000 p.m. or 25% of total income, whichever is less) (subject to certain conditions)
Individuals not receiving any house rent allowance
11B
80GGA
Certain donations for scientific, social or statistical research or rural development programme or for carrying out an eligible project or scheme or National Urban Poverty Eradication Fund (subject to certain conditions)
All assessees not having any income chargeable under the head ‘Profits and gains of business or profession’
80GGB
Sum contributed to any political party/electoral trust
Indian company
80GGC
Sum contributed to any political party/electoral trust
All assessees, other than local authority and artificial juridical person wholly or partly funded by Government
For certain incomes
80-IA
Profits and gains from industrial undertakings engaged in infrastructure facility, telecommunication services, industrial park, development of Special Economic Zone, power undertakings, etc. (subject to certain conditions and limits)
All assessees
18BBB,18BBD, 18BBE,18C
80-IAB
Profits and gains derived by undertaking/enterprise from business of developing a Special Economic Zone notified on or after 1-4-2005 (subject to certain conditions and limits)
Assessee being Developer of SEZ
80-IB
Profits and gains from industrial undertakings, cold storage plant, hotel, scientific research & development, mineral oil concern, housing projects, cold chain facility, multiplex theatres, convention centres, ships, etc. (subject to certain conditions and limits)
All assessees
11EA,18BBB, 18BBC, 18D,18DA, 18DB, 18DC, 18DD, 18DDA
80-IC
Profits and gains derived by an undertaking or an enterprise in special category States (Himachal Pradesh, Uttaranchal, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura) (subject to certain limits, time limits and conditions),
All assessees
18BBB
(a)which has begun or begins to manufacture or produce any article or thing, not being any article or thing specified in the Thirteenth Schedule, or which manufactures or produces any article or thing, not being any article or thing specified in the Thirteenth Schedule and undertakes substantial expansion during the specified period.
(b)which has begun or begins to manufacture or produce any article or thing specified in the Fourteenth Schedule or commences any operation specified in that Schedule, or which manufactures or produces any article or thing, specified in the Fourteenth Schedule or commences any operation specified in that Schedule and undertakes substantial expansion during the specified period
80-ID
Profits and gains from business of hotels and convention centres in specified areas (subject to certain conditions).
All assessees
18DE
80-IE
Deduction in respect of certain undertakings in North Eastern States.
All assessees
80JJA
Entire income from business of collecting and processing or treating of bio-degradable waste for generating power, or producing bio-fertilizers, bio-pesticides or other biological agents or for producing bio-gas, making pellets or briquettes for fuel or organic manure (for 5 consecutive assessment years)
All assessees
80JJAA
30 per cent of additional wages paid to new regular workmen employed in the previous year for 3 assessment years including the assessment year relevant to the previous year in which such employment is provided (subject to certain conditions)
All assessees having profits and gains derived from manufacture of goods in factory
19AB
80LA
Certain incomes of Scheduled banks/banks incorporated outside India having Offshore Banking Units in a Special Economic Zone/Units of International Financial Services Centre (subject to certain conditions and limits)
Scheduled Banks/banks incorporated outside India/Units of International Financial Services Centre
19AE
80P
Specified incomes [subject to varying limits specified in sub-section (2)]
Co-operative societies
80QQB
Royalty income of author of certain specified category of books (up to Rs. 3,00,000) (subject to certain conditions)
Resident Individual – Author
19AC, 29A
80RRB
Royalty on patents up to Rs. 3,00,000 in the case of a resident individual who is a patentee and is in receipt of income by way of royalty in respect of a patent registered on or after 1-4-2003 (subject to certain conditions).
Resident individuals
19AD,29A
80TTA
Interest on deposits in savings bank accounts (up to Rs. 10,000 per year)
Individuals/HUFs
80U
Deduction of Rs. 75,000 (from assessment year 2016-17) to a resident individual who, at any time during the previous year, is certified by the medical authority to be a person with disability [as defined under Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995] [including autism, cerebral palsy, and multiple disabilities as defined under National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities Act, 1999] [in the case of a person with severe disability, allowable deduction is Rs. 1,25,000] (from assessment year 2016-17) (subject to certain conditions).
Resident individuals
11A
Rebates
87A
Tax rebate in case of individual resident in India, whose total income does not exceed five hundred thousand rupees; quantum of rebate shall be an amount equal to hundred per cent of such income-tax or an amount of Five thousand rupees, whichever is less.
Individual

Service tax rates approved by GST Council on 19 May 2017

Posted on by Business So Simple in Miscellaneous


SCHEDULE OF GST RATES FOR SERVICES AS APPROVED BY GST COUNCIL

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.
51. No.
DESCRIPTION OF SERVICES
GST RATE
1.
Transport of goods by rail
5%
with ITC of input
services
2.
Transport of passengers by rail (other than sleeper class)
5%
with ITC of input
services
3.
Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use]
5%
No ITC
4.
Services of goods transport agency in relation to transportation of used household goods for personal use.
5%
No ITC
5.
Transport of goods in a vessel including services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India
5%
with ITC of input
services
6.
Renting of motor cab
(If fuel cost is borne by the service recipient, then 18% GST will apply)
5%
No ITC
7.
Transport of passengers, by-
(i) Air conditioned contract/ stage carriage other than motor cab;
(ii) a radio taxi.
5%
No ITC
8.
Transport of passengers by air in economy class
5%
with ITC of input
services
9.
Transport of passengers, with or without accompanied belongings, by air, embarking from or terminating in a Regional Connectivity Scheme Airport.
5%
with ITC of input services
10.
Supply of tour operators’ services
5%
No ITC
11.
Leasing of aircraft under Schedule II [5 (1)] by a scheduled airlines for scheduled operations
5%
with ITC of input
services
12.
Selling of space for advertisement in print media
5%
With Full ITC
13.
Services by way of job work in relation to printing of newspapers;
5%
With Full ITC
14.
Transport of goods in containers by rail by any person other than Indian Railways
12%
With Full ITC
15.
Transport of passengers by air in other than economy class
12%
With Full ITC
16.
Supply of Food/ drinks in restaurant not having facility of air-conditioning or central heating at any time during the year and not having license to serve liquor.
12%
With Full ITC
17.
Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes having room tariff Rs.1000 and above but less than Rs.2500 per room per day
12%
With Full ITC
18.
Services provided by foreman of chit fund in relation to chit
12%
with ITC of input
services
19.
Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly.
[The value of land is included in the amount charged from the service recipient]
12%
With Full ITC
but no refund of
overflow of ITC
20.
Temporary transfer or permitting the use or enjoyment of any Intellectual Property (IP) to attract the same rate as in respect of permanent transfer of IP;
12%
with full ITC
21.
Supply of Food/ drinks in restaurant having license to serve liquor
18%
With Full ITC
22.
Supply of Food/ drinks in restaurant having facility of air-conditioning or central heating at any time during the year
18%
With Full ITC
23.
Supply of Food/ drinks in outdoor catering
18%
With Full ITC
24.
Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes where room tariff of Rs 2500/ and above but less than Rs 5000/- per room per day
18%
With Full ITC
25.
Bundled service by way of supply of food or any other article of human consumption or any drink, in a premises (including hotel, convention center, club, pandal, shamiana or any other place, specially arranged for organizing a function) together with renting of such premises
18%
With Full ITC
26.
Services by way of admission or access to circus, Indian classical dance including folk dance, theatrical performance, drama
18%
With Full ITC
27.
Composite supply of Works contract as defined in clause 119 of section 2 of CGST Act
18%
With Full ITC
28.
Services by way of admission to entertainment events or access to amusement facilities including exhibition of cinematography films, theme parks, water parks, joy rides, merry-go rounds, go-carting, casinos, race-course, ballet, any sporting event such as IPL and the like;
28%
With Full ITC
29.
Services provided by a race club by way of totalizator or a licensed bookmaker in such club;
28%
With Full ITC
30.
Gambling;
28%
With Full ITC
31.
Supply of Food/ drinks in air-conditioned restaurant in 5-star or above rated Hotel
28%
With Full ITC
32.
Accommodation in hotels including 5 star and above rated hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes, where room rent is Rs 5000/- and above per night per room
28%
With Full ITC
33.
Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration (supply of service) to attract the same GST rate and compensation cess as applicable on supply of similar goods which involves any transfer of title in goods (supply of goods)
Same rate of GST
and  compensation
cess as on supply of similar goods
34.
Any transfer of right in goods or of undivided share in goods without the transfer of title thereof (supply of services) to attract the same GST rate and compensation cess as applicable on supply of similar goods which involves any transfer of title in goods (supply of goods).
Same rate of GST
and compensation
cess as on supply
of similar goods
35.
Supply consisting of transfer of title in goods under an agreement which stipulates that property in goods shall pass at a future date upon payment of full consideration as agreed (supply of goods): value of leasing services shall be included in the value of goods supplied.
GST and
compensation
cess as on supply
of similar goods
36.
All other services not specified elsewhere
18%
With Full ITC
Service Tax Exemptions to be continued in GST as decided by GST Council
Sl. No.
Services
1.
Services by Government or a local authority excluding the following services‑
(i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;
(ii) services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport;
(iii) transport of goods or passengers; or
(iv) any service, other than services covered under clauses (i) to (iii) above, provided to business entities.
2.
Services by the Reserve Bank of India
3.
Services by a foreign diplomatic mission located in India
4.
Services relating to cultivation of plants and rearing of all life forms of animals, except the rearing of horses, for food, fiber, fuel, raw material or other similar products or agricultural produce by way of—(I) agricultural operations directly related to production of any agricultural produce including cultivation, harvesting, threshing, plant protection or testing or
(ii) supply of farm labor;
(iii) processes carried out at an agricultural farm including tending, pruning, cutting, harvesting, drying, cleaning, trimming, sun drying, fumigating, curing, sorting, grading, cooling or bulk packaging and such like operations which do not alter the essential characteristics of agricultural produce but make it only marketable for the primary market;
(iv) renting or leasing of agro machinery or vacant land with or without a structure incidental to its use;
(v) loading, unloading, packing, storage or warehousing of agricultural produce;
(vi) agricultural extension services;
(vii) services by any Agricultural Produce Marketing Committee or Board or services provided by a commission agent for sale or purchase of agricultural produce.
5.
Service by way of access to a road or a bridge on payment of toll charges
6.
Transmission or distribution of electricity by an electricity transmission or distribution utility
7.
Services by way of renting of residential dwelling for use as residence
8.
Services by way of‑
(i) extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services);
(ii) inter se sale or purchase of foreign currency among st banks or authorized dealers of foreign exchange or among st banks and such dealers;
9.
Services by way of transportation of goods
(i) by road except the services of
(A) a goods transportation agency; or
(B) a courier agency;
(ii) by inland waterways;
10.
Services provided to the United Nations or a specified international organization.
Exemption may be notified by way of issuing notification under section 55 of CGST/ SGST Act.
11.
Services provided by operators of the Common Bio-medical Waste Treatment Facility to a clinical establishment by way of treatment or disposal of bio-medical waste or the processes incidental thereto;
12.
Services by a veterinary clinic in relation to health care of animals or birds;
13.
Services by an entity registered under section 12AA of the Income tax Act, 1961 (43 of 1961) by way of charitable activities;[Charitable activities may be defined as presently in notification No 25/2012-ST.
14.
Services by a specified organization in respect of a religious pilgrimage facilitated by the Ministry of External Affairs of the Government of India, under bilateral arrangement;
15.
Services provided by‑
(a) an arbitral tribunal to ‑
(i) any person other than a business entity; or
(ii) a business entity with a turnover up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year;
(b) a partnership firm of advocates or an individual as an advocate other than a senior advocate, by way of legal services to‑
(i) an advocate or partnership firm of advocates providing legal services;
(ii) any person other than a business entity; or
(iii) a business entity with a turnover up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year; or
(c) a senior advocate by way of legal services to‑
(i) any person other than a business entity; or
(ii) a business entity up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year;
16.
Services provided,‑
(a) by an educational institution to its students, faculty and staff;
(b) to an educational institution, by way of,-
(i) transportation of students, faculty and staff;
(ii) catering, including any mid-day meals scheme sponsored by the Government;
(iii) security or cleaning or house-keeping services performed in such educational institution;
(iv)services relating to admission to, or conduct of examination by, such institution;
up to higher secondary.
Provided that nothing contained in clause (b) of this entry shall apply to an educational institution other than an institution providing services by way of pre- school education and education up to higher secondary school or equivalent
17.
Services provided by the Indian Institutes of Management, as per the guidelines of the Central Government, to their students, by way of the following educational programmes, except Executive Development Programme, ‑
(a) two year full time residential Post Graduate Programmes in Management for the Post Graduate
Diploma in Management, to which admissions are made on the basis of Common Admission Test (CAT), conducted by Indian Institute of Management;
(b) fellow programme in Management;
(c) five year integrated programme in Management.
18.
Services provided to a recognized sports body by‑
(a) an individual as a player, referee, umpire, coach or team manager for participation in a sporting event organized by a recognized sports body;
(b) another recognized sports body;
19.
Services by an artist by way of a performance in folk or classical art forms of (i) music, or (ii) dance, or (iii) theater, if the consideration charged for such performance is not more than one lakh and fifty thousand rupees:
Provided that the exemption shall not apply to service provided by such artist as a brand ambassador;
20.
Services by way of collecting or providing news by an independent journalist, Press Trust of India or United News of India;
21.
Services by way of giving on hire ‑
(a) to a state transport undertaking, a motor vehicle meant to carry more than twelve passengers; or
(b) to a goods transport agency, a means of transportation of goods;
22.
Transport of passengers, with or without accompanied belongings, by ‑
(a) air, embarking from or terminating in an airport located in the state of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, or Tripura or at Bagdogra located in West Bengal;
(b) non- air conditioned contract carriage other than radio taxi, for transportation of passengers, excluding tourism, conducted tour, charter or hire; or
(c) stage carriage other than air-conditioned stage carriage
23.
Services of life insurance business provided by way of annuity under the National Pension System regulated by Pension Fund Regulatory and Development Authority of India (PFRDA) under the Pension Fund Regulatory And Development Authority Act, 2013 (23 of 2013)
24.
Services of life insurance business provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds to members of the Army, Navy and Air Force, respectively, under the Group Insurance Schemes of the Central Government
25.
Services provided by an incubatee up to a total turnover of fifty lakh rupees in a financial year subject to the following conditions, namely:‑
(a) the total turnover had not exceeded fifty lakh rupees during the preceding financial year; and
(b) a period of three years has not been elapsed from the date of entering into an agreement as an incubatee;
26.
Service by an unincorporated body or a non- profit entity registered under any law for the time being in force, to its own members by way of reimbursement of charges or share of contribution ‑
(a) as a trade union;
(b) for the provision of carrying out any activity which is exempt from the levy of GST; or (c) up to an amount of five thousand rupees per month per member for sourcing of goods or services from a third person for the common use of its members in a housing society or a residential complex;
27.
Services by an organizer to any person in respect of a business exhibition held outside India;
28.
Services by way of slaughtering of animals;
29.
Services received from a provider of service located in a non- taxable territory by ‑
(a) Government, a local authority, a governmental authority or an individual in relation to any purpose other than commerce, industry or any other business or profession;
(b) an entity registered under section 12AA of the Income tax Act, 1961 (43 of 1961) for the purposes of providing charitable activities; or
(c) a person located in a non-taxable territory;
Provided that the exemption shall not apply to –
(i) online information and database access or retrieval services received by persons specified in clause (a)or clause (b); or
(ii) services by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India received by persons specified in clause (c);
30.
Services of public libraries by way of lending of books, publications or any other knowledge-enhancing content or material;
31.
Services by Employees’ State Insurance Corporation to persons governed under the Employees’ Insurance Act, 1948 (34 of 1948);
32.
Services by way of transfer of a going concern, as a whole or an independent part thereof;
33.
Services by way of public conveniences such as provision of facilities of bathroom, washrooms, lavatories, urinal or toilets;
34.
Services by government, local authority or governmental authority by way of any activity in relation to any function entrusted to a municipality under Article 243 W of the Constitution.
35.
Services received by the Reserve Bank of India, from outside India in relation to management of foreign exchange reserves;
36.
Services provided by a tour operator to a foreign tourist in relation to a tour conducted wholly outside India.
37.
Services by way of pre- conditioning, pre- cooling, ripening, waxing, retail packing, labeling of fruits and vegetables which do not change or alter the essential characteristics of the said fruits or vegetables;
38.
Services by way of admission to a museum, national park, wildlife sanctuary, tiger reserve or zoo;
39.
Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year.
Explanation.- For the purposes of this entry, it is hereby clarified that the provisions of this entry shall not be applicable to (a) services at S. No. 1 (i), (ii)and (iii); and
(b) services by way of renting of immovable property;
40.
Services provided by Employees Provident Fund Organization (EPFO) to persons governed under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952);
41.
Services provided by Insurance Regulatory and Development Authority of India (IRDA) to insurers under the Insurance Regulatory and Development Authority of India Act, 1999 (41 of 1999);
42.
Services provided by Securities and Exchange Board of India (SEBI) set up under the Securities and Exchange Board of India Act, 1992 (15 of 1992) by way of protecting the interests of investors in securities and to promote the development of, and to regulate, the securities market;
43.
Services provided by National Center for Cold Chain Development under Ministry of Agriculture, Cooperation and Farmer’s Welfare by way of cold chain knowledge dissemination;
44.
Services by way of transportation of goods by an aircraft from a place outside India up to the customs station of clearance in India.
45.
Services provided by Government or a local authority to another Government or local authority: Provided that nothing contained in this entry shall apply to services at S. No. 1 (i), (ii)and (iii) above
46.
Services provided by Government or a local authority by way of issuance of passport, visa, driving license, birth certificate or death certificate.
47.
Services provided by Government or a local authority by way of tolerating non-performance of a contract for which consideration in the form of fines or liquidated damages is payable to the Government or the local authority under such contract;
48.
Services provided by Government or a local authority by way of- (a) registration required under any law for the time being in force; (b) testing, calibration, safety check or certification relating to protection or safety of workers, consumers or public at large, including fire license, required under any law for the time being in force;
49.
Services provided by Government or a local authority by way of assignment of right to use natural resources to an individual farmer for cultivation of plants and rearing of all life forms of animals, except the rearing of horses, for food, fiber, fuel, raw material or other similar products;
50.
Services by Government, a local authority or a governmental authority by way of any activity in relation to any function entrusted to a Panchayat under article 243G of the Constitution: this shall be continued by way of notification under section 7(2)(b) of CGST/ SGST Acts.
51.
Services provided by Government or a local authority by way of assignment of right to use any natural resource where such right to use was assigned by the Government or the local authority before the 1st April, 2016:
Provided that the exemption shall apply only to service tax payable on one time charge payable, in full upfront or in installments, for assignment of right to use such natural resource;
52.
Services provided by Government or a local authority by way of allowing a business entity to operate as a telecom service provider or use radio frequency spectrum during the period prior to 1st April, 2016, on payment of license fee or spectrum user charges, as the case may be;
53.
Services provided by Government by way of deputing officers after office hours or on holidays for inspection or container stuffing or such other duties in relation to import export cargo on payment of Merchant Overtime charges (MOT).
54.
Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service.
Explanation. — For the purposes of this entry, “acquiring bank” means any banking company, financial institution including non-banking financial company or any other person, who makes the payment to any person who accepts such card
55.
Services of leasing of assets (rolling stock assets including wagons, coaches, locos) by Indian Railways Finance Corporation to Indian Railways
56.
Services provided by any person for official use of a foreign diplomatic mission or consular post in India or for personal use or for the use of the family members of diplomatic agents or career consular officers posed therein. This exemption is available on reciprocal basis based on a certificate issued by MEA (Protocol Division):
this shall be continued by way of notification under section 55 of CGST/ SGST Acts.
57.
Taxable services, provided or to be provided, by a Technology Business Incubator (TBI) or a Science and Technology Entrepreneurship Park (STEP) recognized by the National Science and Technology Entrepreneurship Development Board (NSTEDB) of the Department of Science and Technology, Government of India or bio-incubators recognized by the Biotechnology Industry Research Assistance Council, under Department of Biotechnology, Government of India;
58.
Taxable service provided by State Government Industrial Development Corporations/ Undertakings to industrial units by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the one time upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease.
59.
Services provided to the government by way of transport of passengers with or without accompanied belongings, by air, embarking from or terminating at a regional connectivity scheme airport, against consideration in the form of viability gap funding (VGF).
Provided that nothing contained in this entry shall apply on or after the expiry of a period of 1 year from the date of commencement of operations of the regional connectivity scheme airport as notified by the Ministry of Civil Aviation
60.
Services provided by cord blood banks by way of preservation of stem cells or any other service in relation to such preservation;
61.
Services by way of training or coaching in recreational activities relating to,-
(i) arts or culture. or
(ii) sports by charitable entities registered under section 12AA of Income tax Act, 1961;
62.
Any services provided by, _
(i) the National Skill Development Corporation set up by the Government of India;
(ii) a Sector Skill Council approved by the National Skill Development Corporation;
(iii) an assessment agency approved by the Sector Skill Council or the National Skill Development Corporation;
(iv) a training partner approved by the National Skill Development Corporation or the Sector Skill Council in relation to
(a) the National Skill Development Programme implemented by the National Skill Development Corporation; or
(b) a vocational skill development course under the National Skill Certification and Monetary Reward Scheme; or
(c) any other Scheme implemented by the National Skill Development Corporation.
63.
Services of assessing bodies empanelled centrally by Directorate General of Training, Ministry of Skill Development and Entrepreneurship by way of assessments under Skill Development Initiative (SDI) Scheme
64.
Services provided by training providers (Project implementation agencies) under Deen Dayal Upadhyaya Grameen Kaushalya Yojana under the Ministry of Rural Development by way of offering skill or vocational training courses certified by National Council For Vocational Training.
65.
Services by way of sponsorship of sporting events organized,‑
(a) by a national sports federation, or its affiliated federations, where the participating teams or individuals represent any district, State, zone or Country;
(b) by Association of Indian Universities, Inter-University Sports Board, School Games Federation of India, All India Sports Council for the Deaf, Paralympic Committee of India or Special Olympics Bharat;
(c) by Central Civil Services Cultural and Sports Board;
(d) as part of national games, by Indian Olympic Association; or
(e) under Panchayat Yuva Kreeda Aur Khel Abhiyaan (PYKKA) Scheme;
66.
Services provided by way of pure labor contracts of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of a civil structure or any other original works pertaining to the Beneficiary-led individual house construction / enhancement under the Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (PMAY);
67.
Services by way of pure labour contracts of construction, erection, commissioning, or installation of original works pertaining to a single residential unit otherwise than as a part of a residential complex;
68.
Services of general insurance business provided under following schemes ‑
(a) Hut Insurance Scheme;
(b) Cattle Insurance under Swarnajaynti Gram Swarozgar Yojna (earlier known as Integrated Rural Development Programme);
(c) Scheme for Insurance of Tribals;
(d) Janata Personal Accident Policy and Gramin Accident Policy;
(e) Group Personal Accident Policy for Self-Employed Women;
(f) Agricultural Pumpset and Failed Well Insurance;
(g) Premia collected on export credit insurance;
(h) Weather Based Crop Insurance Scheme or the Modified National Agricultural Insurance Scheme, approved by the Government of India and implemented by the Ministry of Agriculture;
(i) Jan Arogya Bima Policy;
(j) National Agricultural Insurance Scheme (Rashtriya Krishi Bima Yojana);
(k) Pilot Scheme on Seed Crop Insurance;
(l) Central Sector Scheme on Cattle Insurance;
(m) Universal Health Insurance Scheme;
(n) Rashtriya Swasthya Bima Yojana; or
(o) Coconut Palm Insurance Scheme;
(p) Pradhan Mantri Suraksha BimaYojna;
(q) Niramaya Health Insurance Scheme implemented by Trust constituted under the provisions of the National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999 (44 of 1999); or
(r) Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC.
69.
Services of life insurance business provided under following schemes –
(a) Janashree Bima Yojana (JBY); or
(b) Aam Aadmi Bima Yojana (AABY);
(c) Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of fifty thousand rupees;
(d) Varishtha Pension BimaYojana;
(e) Pradhan Mantri Jeevan JyotiBimaYojana;
(1) Pradhan Mantri Jan DhanYogana;
(g) Pradhan Mantri Vaya Vandan Yojana; and
(h) Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC.
70.
Services by way of collection of contribution under Atal Pension Yojana (APY).
71.
Services by way of collection of contribution under any pension scheme of the State Governments.
72.
Service of transportation of passengers, with or without accompanied belongings, by
(i) railways in a class other than
(A) first class; or
(B) an air-conditioned coach;
(ii) metro, monorail or tramway;
(iii) inland waterways;
(iv) public transport, other than predominantly for tourism purpose, in a vessel between places located in India; and
(v) metered cabs or auto rickshaws (including E-rickshaws);
73.
Services by a person by way of‑
(a) conduct of any religious ceremony;
(b) renting of precincts of a religious place meant for general public, owned or managed by an entity registered as a charitable or religious trust under section 12AA of the Income-tax Act, 1961 (hereinafter referred to as the Income Tax Act), or a trust or an institution registered under sub clause (v) of clause (23C) of section 10 of the Income Tax Act or a body or an authority covered under clause (23BBA) of section 10 of the Income Tax Act:
Provided that nothing contained in (b) of this exemption shall apply to,‑
(i) renting of rooms where charges are Rs 1000/- or more per day;
(ii) renting of premises, community halls, kalyanmandapam or open area, etc where charges are Rs 10,000/- or more per day;
(iii) renting of shops or other spaces for business or commerce where charges are Rs 10,000/-or more per month.
74.
Services by a hotel, inn, guest house, club or campsite, by whatever name called, for residential or lodging purposes, having declared tariff of a unit of accommodation less than one thousand rupees per day or equivalent;
75.
Services by way of transportation by rail or a vessel from one place in India to another of the following goods ‑
(a) relief materials meant for victims of natural or man-made disasters, calamities, accidents or mishap;
(b) defense or military equipment;
(c) newspaper or magazines registered with the Registrar of Newspapers;
(d) railway equipment or materials;
(e) agricultural produce;
(f) milk, salt and food grain including flours, pulses and rice; and
(g) organic manure
76.
Services provided by a goods transport agency, by way of transport in a goods carriage of,‑
(a) agricultural produce;
(b) goods, where gross amount charged for the transportation of goods on a consignment transported in a single carriage does not exceed one thousand five hundred rupees;
(c) goods, where gross amount charged for transportation of all such goods for a single consignee does not exceed rupees seven hundred fifty;
(d) milk, salt and food grain including flour, pulses and rice;
(e) organic manure;
(f) newspaper or magazines registered with the Registrar of Newspapers;
(g) relief materials meant for victims of natural or man- made disasters, calamities, accidents or mishap; or
(h) defense or military equipment’s;
77.
Services by the following persons in respective capacities ‑
(a) business facilitator or a business correspondent to a banking company with respect to accounts in its rural area branch;
(b) any person as an intermediary to a business facilitator or a business correspondent with respect to services mentioned in clause (g); or
(c) business facilitator or a business correspondent to an insurance company in a rural area;
78.
Carrying out an intermediate production process as job work in relation to cultivation of plants and rearing of all life forms of animals, except the rearing of horses, for food, fiber, fuel, raw material or other similar products or agricultural produce;
79.
Services by way of loading, unloading, packing, storage or warehousing of rice;
80.
Services by way of right to admission to, ‑
(i) circus, dance, or theatrical performance including drama or ballet;
(ii) award function, concert, pageant, musical performance or any sporting event other than a recognized sporting event;
(iii) recognized sporting event;
where the consideration for admission is not more than Rs 250 per person in (i), (ii) and (iii) above.
81.
Services provided by Government or a local authority where the gross amount charged for such services does not exceed Rs. 5000/.
Provided that nothing contained in this entry shall apply to services S. No. 1 (i), (ii)and (iii) above:
Provided further that in case where continuous supply of service, as defined in sub-section (33) of section2 of the CGST Act, 2017, is provided by the Government or a local authority, the exemption shall apply only where the gross amount charged for such service does not exceed Rs. 5000/- in a financial year; [This may be continued by way of an omnibus threshold exemption from payment of GST under section 9 (4) of CGST/ SGST Act in respect of supplies up to Rs 10,000/-].
82.
(i) Health care services by a clinical establishment, an authorized medical practitioner or para-medics;
(ii) Services provided by way of transportation of a patient in an ambulance, other than those specified in (i) above;
83.
New Exemption:
Services provided by the Goods and Services Tax Network (GSTN) to the Central Government or State Governments/ Union Territories for implementation of Goods and Services Tax (GST)


  

Ashtavakra Gita : Peace

Posted on by Business So Simple in Miscellaneous

Ashtavakra Said:

18.61

For the deluded one,
even rest is an activity.
For the wise,
even action bears the fruit of stillness.

18.62

The deluded one is often adverse
to the things of his life.
To one with no thought for body,
attachment and aversion have no meaning.

18.63

The deluded mind is caught up
in thinking and not thinking.
Though the mind of the wise one
may think what thoughts come,
he is not aware of it.

18.64

The sage sees nothing being done
even when performed by his hands.
Like a child he is pure
and acts without reason.

18.65

Blessed indeed is he who knows Self.
Though seeing, hearing, touching, smelling, eating,
he never desires nor changes.

18.66

For one who is void and changeless,
where is the world and its imaginings?
Where is the end?
Where is the possibility of it?

18.67

Glorious indeed is he who,
free of desire,
embodies Bliss itself.
He has become absorbed in Self.

18.68

In short, the great soul
who has realized Truth
is free of desire, enjoyment and liberation.
In all of space and time
he is attached to nothing.

18.69

What remains for One

who is Consciousness itself,

who sees the non-existence

of a phenomenal world created

by the mere thought of a name?

18.70

Peace is natural for one

who knows for certain nothing exists,

who sees appearances are illusion,

to whom the inexpressible is apparent.

Series continue….

Person liable to tax audit u/s 44AB shall file Statement of Financial transactions (SFT) in Form 61A by 31st May 2017

Posted on by Business So Simple in Miscellaneous

Any person who is liable for audit under section 44AB of the Act and Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature  shall file Statement of Financial transactions (SFT) in Form 61A by 31st May 2017 for the FY 2016-17.

——————————————————————————————————————-
Relevant issues
Taxpayers who are liable for audit under section 44AB is a new inclusion who are liable for reporting the transactions from the financial year 2016-17 onwards. This will create huge database for the government to do an effective cleaning up of the parallel economy.
The CBDT in its press release dated 22.12.2016 has clarified that besides its Notification No.91/2016 dated 06.10.2016 that the aggregate of cash receipt during the year is not the benchmark for reporting. In other words, the requirement under SFT reporting is receipt of cash payment exceeding Rs.2 lakhs or more for sale of goods or services per transaction.
The following table gives snapshot of the applicability of SFT in respect of general taxpayers whose accounts are audited under section 44AB and because of that they have to file the SFT report.
Nature of transaction Applicability of SFT
Each sale bill below Rs.2 lakhs and aggregate sale during the year to a party below Rs.2 lakhs. ×
Each sale bill below Rs.2 lakhs and aggregate sale during the year to a party above Rs.2 lakhs ×
Any of the sale bill to a party above Rs.2 lakhs but all receipts from the party are by way of cash. ✓
Any of the sale bill to a party above Rs.2 lakhs but all receipts from the party are through banking channel like ECS / NEFT / RTGS / Account payee crossed cheque or draft. ×

Where any of the sale bill to a party is above Rs.2 lakhs but the receipts are mix of both cash and through banking channel then the receipts are to be appropriated sequentially to the earliest bill and in that manner the receipt of cash for bills above Rs.2 lakh is to be identified for reporting in SFT.
Whether the opening balance due from debtor when collected in the financial year 2016-17 by way of cash exceeding Rs.2 lakhs is to be reported, requires clarification. Also, whether in the preceding year any of the sale bill has exceeded Rs.2 lakhs is to be ascertained for the purpose of SFT reporting needs clarification.

The term ‘per transaction’ stated in the press release of the CBDT requires some elucidation. A sale by itself is a transaction and when it is a credit sale the transaction is completed upon sale so far as the seller is concerned and upon purchase as regards the buyer. The subsequent payments when they are piecemeal each of those payments would be a transaction by itself. Only where such payment exceeds Rs.2 lakhs by cash on a single day, the reporting requirement could arise. Anyway, the buyer who has made any such payment will be liable for disallowance under section 40A(3). Then in what way the information given in SFT will be of use to the Department remains to be seen.

—————————————————————————————————–



Taxpayer received mail from tax department as under :
​​
From:

​​

DONOTREPLY@incometaxindiaefiling.gov.in [mailto:DONOTREPLY@incometaxindiaefiling.gov.in] 

Sent: ______________

To: _________________

Subject:

​​

Statement of Financial transactions – Form 61A filing & Submitting “SFT Preliminary Response”

Dear __________________________________,
Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31st May 2017. Detailed procedure of ITDREIN registration and upload of Form 61A is available under the “Help” section and updated Form 61A utility and Schema are available under the download section of http://www.incometaxindiaefiling.gov.in/ and https://www.cleanmoney.gov.in/

You are requested to submit the “SFT Preliminary Response” under compliance section post login to eFiling portal.
Online filing of form 61A requires a valid class 2 or 3 digital signature certificate of responsible person filing the same. Please refer “DSC Management Utility” manual under help section on how to generate the signature file, attaching the XML with signature and uploading of XML with signature file in eFiling portal.
Please ignore this mail if already done.

Thanks & Regards,

e-Filing Team


Please refer extract of Rule 114 E of Income Tax Rules:: 

[Furnishing of statement of financial transaction.
114E. (1) The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein.
(2) The statement referred to in sub-rule (1) shall be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said Table in accordance with the provisions of sub-rule (3), which are registered or recorded by him on or after the 1st day of April, 2016, namely:—
TABLE
Sl. No. Nature and value of transaction Class of person (reporting person)
(1) (2) (3)
1.
(a) Payment made in cash for purchase of bank drafts or pay orders or banker’s cheque of an amount aggregating to ten lakh rupees or more in a financial year.
(b) Payments made in cash aggregating to ten lakh rupees or more during the financial year for purchase of pre-paid instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007).
(c) Cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person.
A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act).
2.
Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General10 as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).
3.
One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898);
(iii) Nidhi referred to in section 406 of the Companies Act, 2013 (18 of 2013);
(iv) Non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 (6 of 1934), to hold or accept deposit from public.
4.
Payments made by any person of an amount aggregating to—
(i) one lakh rupees or more in cash; or
(ii) ten lakh rupees or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year.
A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card.
5.
Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company).
A company or institution issuing bonds or debentures.
6.
Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring shares (including share application money) issued by the company.
A company issuing shares.
7.
Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to ten lakh rupees or more in a financial year.
A company listed on a recognised stock exchange purchasing its own securities under section 68 of the Companies Act, 2013 (18 of 2013).
8.
Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund).
A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf.
9.
Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to ten lakh rupees or more during a financial year.
Authorised person  as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).
10.
Purchase or sale by any person of immovable property for an amount of thirty lakh rupees or more or valued by the stamp valuation authority referred to in section 50C of the Act at thirty lakh rupees or more.
Inspector-General appointed under section 3 of the Registration Act, 1908 or Registrar or Sub-Registrar appointed under section 6 of that Act.
11.
Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)
Any person who is liable for audit under section 44AB of the Act.
[12.
Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to—
(i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or
(ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).]
[13.
Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in respect of accounts that are reportable under Sl.No.12.
(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).]
(3) The reporting person mentioned in column (3) of the Table under sub-rule (2) [(other than the persons at Sl.No.10 and Sl.No.11)] shall, while aggregating the amounts for determining the threshold amount for reporting in respect of any person as specified in column (2) of the said Table,—
(a) take into account all the accounts of the same nature as specified in column (2) of the said Table maintained in respect of that person during the financial year;
(b) aggregate all the transactions of the same nature as specified in column (2) of the said Table recorded in respect of that person during the financial year;
(c) attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons, in a case where the account is maintained or transaction is recorded in the name of more than one person;
(d) apply the threshold limit separately to deposits and withdrawals in respect of transaction specified in item (c) under column (2), against Sl. No. 1 of the said Table.
(4)(a) The return in Form No. 61A referred to in sub-rule (1) shall be furnished to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose under the digital signature of the person specified in sub-rule (7) and in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems):
Provided that in case of a reporting person, being a Post Master General or a Registrar or an Inspector General referred to in sub-rule (2), the said return in Form 61A may be furnished in a computer readable media, being a Compact Disc or Digital Video Disc (DVD), alongwith the verification in Form-V on paper.
Explanation.—For the purposes of this sub-rule, “digital signature” means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities.
(b) Principal Director General of Income-tax (Systems) shall specify the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies.
(c) The Board may designate an officer as Information Statement Administrator, not below the rank of a Joint Director of Income-tax for the purposes of day to day administration in relation to the furnishing of returns or statements.
(5) The statement of financial transactions referred to in sub-rule (1) shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorded:
 [Provided the statement of financial transaction in respect of the transactions listed at serial number (12) and serial number (13)] in the Table under sub-rule (2), shall be furnished on or before the 31st day of January, 2017.]
(6) (a) Every reporting person mentioned in column (3) of the Table under sub-rule (2) shall communicate to the Principal Director General of Income-tax (Systems) the name, designation, address and telephone number of the Designated Director and the Principal Officer and obtain a registration number.
(b) It shall be the duty of every person specified in column (3) of the Table under sub-rule (2), its Designated Director, Principal Officer and employees to observe the procedure and the manner of maintaining information as specified by its regulator and ensure compliance with the obligations imposed under section 285BA of the Act and rules 114B to 114D and this rule.
Explanation 1.—“Designated Director” means a person designated by the reporting person to ensure overall compliance with the obligations imposed under section 285BA of the Act and the rules 114B to 114D and this rule and includes—
(i) the Managing Director or a whole-time Director, as defined  in the Companies Act, 2013 (18 of 2013), duly authorised by the Board of Directors if the reporting person is a company;
(ii) the managing partner if the reporting person is a partnership firm;
(iii) the proprietor if the reporting person is a proprietorship concern;
(iv) the managing trustee if the reporting person is a trust;
(v) a person or individual, as the case may be, who controls and manages the affairs of the reporting entity if the reporting person is, an unincorporated association or, a body of individuals or, any other person.
Explanation 2.—“Principal Officer” means an officer designated by the reporting person referred to in the Table in sub-rule (2).
Explanation 3.—“Regulator” means a person or an authority or a Government which is vested with the power to license, authorise, register, regulate or supervise the activity of the reporting person referred to in the Table in sub-rule (2).
(7) The statement of financial transaction referred to in sub-rule (1) shall be signed, verified and furnished by the Designated Director specified in sub-rule (6):
Provided that where the reporting person is a non-resident, the statement may be signed, verified and furnished by a person who holds a valid power of attorney from such Designated Director. ]

Refer extract of section 285BA (Obligation to furnish statement of financial transaction or reportable account) on following link:

https://incometaxindia1.blogspot.in/p/obligation-to-furnish-statement-of.html

CBDT Press release 26th May 2017 Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 26th May, 2017.

PRESS RELEASE

CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response


Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN) The same can be generated by logging-in to the e-filing website (https://incometaxindiaefiling.gov.in/) with the log in ID used for the purpose of filing the Income Tax Return of the reporting person / entity. Entity having PAN can take only PAN based ITDREIN. Entity having TAN can generate an ITDREIN only when such TAN’s Organisational PAN is not available.

The registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable. A functionality “SFT Preliminary Response” has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.

Detailed procedure of ITDREIN registration and upload of Form 61A is available under the “Help” section and Form 61A utility and Schema are available under the download section of http://www.incometaxindiaefiling.gov.in and https://www.cleanmoney.gov.in. Online filing of form 61A requires a valid class 2 or 3 digital signature certificate of person responsible for filing the same. Please refer “DSC Management Utility” manual under help section on how to generate the signature file, attaching the XML with signature and uploading of XML with signature file in e-Filing portal.

(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.

Query:  jayadevassociates31 May 2017 at 05:48

sir, is it aggregate of various receipts of cash against sale from person in a year or single cash receipt of rs.2 lakhs and above in a year… please clarify

Reply: 



Please understand Rule 114E transaction requiring any person who is liable for audit under section 44AB of the Act is liable to report, on yearly basis, all his transactions involving receipt of cash payment exceeding two lakh rupees for sale of goods or services of any nature in Form 61A electronically.


Sr. No.
Nature of Transaction
Yearly Reporting in Form 61A w.e.f. (01.04.16)
(1)
(2)
(3)
1
Single Bill below Rs. 2,00,000/-.
1.a
– Full Recovery in cash
NO
1.b
– Part recovery in cash
NO
1.c
– Full recovery by Cheque
NO
2
Single Bill exceeding Rs. 2,00,000/-.
2.a
– Full Recovery in cash on single occasion
YES
2.b
– Part recovery in cash below Rs. 2 Lacs
NO
2.c
 – Part recovery in cash above Rs. 2 Lacs on single occasion
YES
2.d
– Part recovery in cash above Rs. 2 Lacs on multiple occasions but not a single receipt exceeds Rs. 2 Lacs
NO
2.e
– Full recovery by Cheque
NO
3
Multiple Bills issued during year to same person and the aggregate bill amount exceeds Rs. 2,00,000/-. (However, not even a single bill exceeds Rs. 2 Lacs)
3.a
– Full Recovery in cash on single occasion
YES
3.b
– Part recovery in cash above Rs. 2 Lacs on multiple occasions (on different days) but not a single receipt exceeds Rs. 2 Lacs
NO
3.c
– Part recovery in cash above Rs. 2 Lacs on multiple occasions (IN SINGLE DAY) but not a single receipt exceeds Rs. 2 Lacs
NO
  3.d
 – Part recovery in cash above Rs. 2 Lacs on single occasion
YES
3.e
– Full recovery by Cheque
NO

A quick guide to India GST rates in 2017

Posted on by Business So Simple in Miscellaneous

A quick guide to India GST rates in 2017

May 19, 2017
A quick guide to India GST rates in 2017

The GST Council, the apex decision-making body for the new tax, has fixed the tax framework under the Goods and Services Tax (GST) which is to be rolled out this July 1. Tax rates have been finalised for 1,211 items with a majority of items being kept under the 18 per cent slab.

Here’s a complete list of GST rate card.

Nil rate (0%):

No tax will be imposed on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom etc.

5%:

Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 percent.

12%:

Frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, and cellphones will be under 12 per cent tax slab.

18%:

Most items are under this tax slab which include flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.

28%:

Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, and yachts will attract 28 per cent tax – the highest under GST system.

 Source – http://economictimes.indiatimes.com [19-05-2017]

Ashtavakra Gita : Peace

Posted on by Business So Simple in Miscellaneous

Ashtavakra said:

18.51

When one realizes
he is neither the actor
nor the one who watches,
the mind-storm is stilled.

18.52

The actions of the sage,
free of pretence and motive,
shine like clear light.
Not so those of the deluded seeker
who affects a peaceful demeanor
while remaining firmly attached.

18.53

Unbounded, unfettered,
untethered from the projections of mind,
the wise are free to play and enjoy,
or retire to mountain caves.

18.54

Whether honoring a spiritual scholar,
a god, or holy shrine;
whether seeing a desirable woman,
a king, or beloved friend–
the heart of the sage
is unmoved.

18.55

Though his servants, sons,
wives, daughters, grandchildren
and all his relatives
ridicule and despise him,
the yogi is undismayed

18.56

Though pleased he is not pleasured;

though pained he does not suffer.

This wonderful state is understood

only by those like him.

18.57

The belief in duty

creates a relative world

for its performance.

The wise one knows Himself

to be formless, timeless,

all-pervasive, immaculate,

and thus transcends duty and world.

18.58

Even doing nothing

the dull one is anxious and distracted.

Even amidst great action

the wise one remains still.

18.59

Even in practical life

the wise one remains happy.

Happy to sit,

happy to sleep,

happy to move about,

happy to speak,

happy to eat…

18.60

Because he knows Self

the wise one is not disrupted by practical life.

He is deep and still, like a vast lake.

He is not like ordinary people.

His sorrows have vanished.

Series continue…..