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GST Update

 Cess over the peak rate of 28% on specified luxury and sin goods

 To ensure single interface – all administrative control over
 90% of taxpayers having turnover below Rs. 1.5 cr would vest with State tax administration
 10% of taxpayers having turnover below of Rs. 1.5 cr. would vest with Central tax administration
 taxpayers having turnover above Rs. 1.5 cr. would be divided equally between Central and State tax administration
 Threshold limit for exemption to be Rs. 20 lac (Rs. 10 lac for special category States)
 Compounding threshold limit to be Rs. 50 lac – not available to inter-State suppliers, service providers (except restaurant service) & specified category of manufacturers
 Government may convert existing Area based exemption schemes into reimbursement based scheme
 Four tax rates namely 5%, 12%, 18% and 28%
 Some goods and services would be exempt
 Separate tax rate for precious metals