Search Result for : Luxury Products

The Dollar Business Bureau The GST Council, in its 23rd meeting on Friday, has decided to cut rates from 28% to 18% for 177 items - from detergents to chewing gums. “The all-powerful GST council pruned the list of items attracting the top 28% tax rate to just 50 from 227 previously, Bihar Deputy Chief Minister Sushil Kumar Modi told reporters in Guwahati. The council, headed by Finance Minister Arun Jaitley, cut the list of items to 50 as against 62 items as recommended by the fitment committee. “There were 227 items in the 28% slab. The fitment committee had recommended that it should be pruned to 62 items. But the GST Council has further pruned 12 more items,” Modi said. He further said that ...

The Dollar Business Bureau  The GST council has approved a ceiling for cess that can be charged on demerit goods and other luxury items to compensate states for any loss in tax revenue in the first five years.  The cap on cess for luxury cars and aerated drinks has been set at 15%, which will be charged over and above GST. The maximum limit is not indicative of the actual cess that will be imposed, as the government has left a margin for future contingencies.  The cess percentage taxed on luxury goods will be such that the commodity's price stays relatively unchanged from what it was before the implementation of GST. For instance, for a luxury item which is taxed at 40% under the current indirect taxation system, there will be a tax of 28% GST and 12% cess to maintain pricing at the same level as before.  While cess on ...

Aamir H Kaki  With the re-categorisation of aerated drinks, slotting it as 'demerit' in the GST (Goods and Services Tax) rate slabs, the Indian Beverage Association (IBA) has expressed dissatisfaction and said that increased tax rates will adversely affect the industry. “If the tax rate is increased steeply, it will adversely affect the industry. But I think we need to push our side of the story some more. We don’t know how or what will be the outcome of the exercise we have undertaken until it is completed,” Arvind Varma, Secretary General, IBA, told The Dollar Business. In its meeting last week, the GST Council had stated that luxury goods, such as high-end cars and demerit items that include pan masala, tobacco and ...

The Dollar Business Bureau   Germany’s luxury car manufacturer BMW has rolled out its 50,000th car made in its Chennai plant, the company said in a statement on Thursday. The rolled out car was an all-new BMW 7 Series that was launched at the Auto Expo 2016. The model has received huge response from the luxury car enthusiasts. It boasts of futuristic technologies that include Touch Command System, Wireless Charging, Sky Lounge and Remote Control Parking. Jochen Stallkamp, Managing Director of the BMW Plant Chennai, announced the roll-out of the 50,000th car locally manufactured at BMW Plant Chennai. Each BMW that is locally made is of the same international standard followed anywhere else in the world. In order to boost the ‘Make in ...

The Dollar Business Bureau The company has the total refining capacity of 2400 tonnes of precious metals per annum   Indian jewelry manufacturer Rajesh Exports Limited (REL) on Monday said that it has bagged an order for supplying gold and diamond studded designer ornaments worth Rs.1,122 crore to the United Arab Emirates. The order which is set to be completed by March 31, 2016 will be executed at the company’s manufacturing facility in Bengaluru, which is recorded as the world’s largest gold product manufacturing facility, the REL said in a statement. Spread over 12 acres of land, the manufacturing facility has an installed capacity to process 250 tonnes of jewelry per annum. Earlier, the gold products exporter had got an order worth ...