GST Council Recommends Cut In GST For Goods, IGST For Goods Import

The 22nd meeting of the GST Council held on Friday in New Delhi, under the chairmanship of Union Finance Minister Arun Jaitley, has recommended changes in the rates of GST for certain goods. Changes in the IGST rates on imports of specified goods have also been recommended.The reduction in the rates of GST has been recommended for the following items:It is to be noted that the reduction in GST rate against Serial Number 4 above is subject to the condition that if the supplier of such food preparations produces a certificate from an officer not below the rank of the Deputy Secretary to the Government of India or not below the rank of the Deputy Secretary to the State Government concerned to the effect that such food preparations have been distributed free to the economically weaker sections of the society under a programme duly approved by the Central Government or the State Government concerned, within five months from the date of supply of such goods or within such further period as the jurisdictional Commissioner of Central tax or jurisdictional Commissioner of State tax, as the case maybe, may allow in this regard.Further, with respect to Serial Number 5, the Council has clarified the meaning of the phrase ‘registered brand name’ as follows: A brand registered as on 15.05.2017 shall be deemed to be a registered brand for the purposes of levy of 5% GST, irrespective of whether or not such brand is subsequently deregistered. A brand registered as on 15.05.2017 under the Copyright Act, 1957 shall also be treated as a registered brand for the purposes of levy of 5% GST. A brand registered as on 15.05.2017 under any law for the time being in force in any other country shall also be deemed to be a registered brand for the purposes of levy of 5% GST.In addition, for Serial Number 7 above, the phrase ‘brand name’ is defined as:"brand name" or "trade name" means a brand name or a trade name, whether registered or not, that is to say, a name or a mark, such as symbol, monogram, label, signature or invented word or writing which is used in relation to such specified goods for the purpose of indicating, or so as to indicate a connection in the course of trade between such specified goods and some person using such name or mark with or without any indication of the identity of that person.Further, the committee has recommended IGST exemption on imports of the following goods:

GST Council Recommends Cut In GST For Goods, IGST For Goods Import

aasavri Rai

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