However, gifts of value more than Rs 50,000, "made without consideration are subject to GST, when made in course or furtherance of business", it added.
The Union government has exempted the import of aircraft, aircraft engines and its parts via leasing route from the purview of the Goods and Services Tax (GST). Four Tax slabs of 5, 12, 18 and 28 per cent classified for Goods and Services. "And what they've said now is that up to Rs 50,000 there is no (tax) implication".
Officials from Ministry of Finance and Commerce will be included in the delegation.
Finance Ministry clarified that perks, like housing and such, provided to employees in accordance to the agreement they entered when taking the job will not be covered under GST. Gift can not be demanded as a matter of right by the employee and the employee can not move a court of law for obtaining a gift. The Minister also said, GST has resulted in economic integration of the country.More news: FBI Arrests Man, Believes Missing U Of I Scholar Is Dead
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Toys, low-cost electronics, computer components, crockery, mobile accessories, lightings, stationary, plastic wares, building material (floorings, wallpapers) and ceramics are some of the cheap Chinese imports coming and selling across the country. These services will not be subjected to GST provided appropriate GST was paid when procured by the employer.
The Government on Friday propelled an application called GST Rate Finder- - which as the name proposes is your prepared for all the tax rates that are to be exacted under the Goods and Services Tax services.
The University is also planning to organize an open seminar for faculty members, students, traders and businessmen on the GST and the key speakers for the seminar will be prominent tax officers, charted accountants and consultants.
Amid confusions and queries over different rate slabs of GST, Central Board of Excise and Customs (CBEC) has launched a mobile app to clear doubts about the different rates of GST.