GST Council Nominated Fitment Committee Proposes Rate Changes To Correct Inverted Duty Structure
- GST Rate Changes For Mobile Phone, Textiles, Footwear & Fertilizer Industry
- Hiking GST Rate On Mobile Phones & Its Parts From 12%- 18%
- Mobile Phone Ind Claims Around Rs 5,500 Cr Of ITC (From July 2017- Till Date)
- Cellular Mobile Phones Attract 12% GST Rate Currently: Mobile Phone Parts Fall Under Two Rate Categories: 18% & 28%
- Input Services & Capital Goods Also Attract GST At The Rate Of 18%
- Rate Calibration To 18% Won’t Have Significant Impact On Feature Phone Prices
- Footwear Industry Has Claimed Rs 2,500 Cr Of ITC (July 2017- Till Date)
- 70% Of Footwear Sold At 5%, But Inputs Range Used Are Under 5%, 12% & 18%
Source: https://twitter.com/CNBCTV18Live/status/1237721603292549120
