Finance Ministry to hold meeting of heads of banks on Wednesday
The Finance Ministry is set to review the development of variousfinancial inclusion schemes as it has called a meeting of heads of Public Sector Banks (PSBs) on Wednesday.
The finance ministry on Wednesday said that 5 per cent CGST will not apply on products that are not registered under the Trade Marks Act.
“Unless the brand or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999, CGST (Central Goods and Services tax) rate of 5 per cent will not be applicable on the supply of such goods,” an official statement said.
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It said that CGST rate on supply of certain goods, such as paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses is nil.
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However, supply of such goods, when put up in unit container and bearing a registered brand name would attract CGST.
The clarification comes amid doubts being raised with regard to the meaning of registered brand name for the purpose of GST.
The GST has come into effect from 1 July. It has subsumed several indirect taxes such as excise duty, VAT and sales tax.
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