Home Featured 47th GST council meet concluded; Know the effects on your pocket

47th GST council meet concluded; Know the effects on your pocket

by BankingTricks Desk

According to Finance Minister Nirmala Sitharaman, the GST Council has accepted the suggestions of a group of ministers (GoM) on correcting the so-called inverted duty structure and trimming the list of exemptions. Nirmala Sitharaman informed after the two-day GST Council meeting in Chandigarh on June 29 that the council has granted the GoM more time to decide on rate rationalisation measures. The council also discussed taxes on internet gaming, casinos, and horse racing, and has given the GoM until July 15 to finalise its report after consulting with stakeholders.

The meeting will be rescheduled for the first week of August

The GST Council, on the other hand, has referred the report on casinos, internet gaming, and horse racing to the Group of Ministers (GoM) for reconsideration. The Finance Minister stated that the GST Council will reconvene in the first week of August to address this matter. Nirmala Sitharaman stated that the next GST Council meeting will be place in Madurai, Tamil Nadu, in August.

No decision on GST compensation:

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Finance Minister Nirmala Sitharaman stated that no decision to increase GST compensation to states was made at the GST Council meeting. There has also been no discussion of rate rationalisation in the council.  For this, the panel has been given an extension of 3 months.

 Increased prices:

  • Products like packed fish, curd, paneer, lassi, honey, dry makhana, dry soybean and peas etc. will now attract 5 percent GST.
  • The fees charged by banks for issuance of cheques will attract 18% GST.
  • Maps and charts including atlas will attract 12 percent GST.
  • 12 per cent GST on hotel rooms renting less than Rs 1,000 per day.
  • 5 percent GST will be levied on rooms rented above Rs 5,000 in the hospital.
  • GST has been increased to 18 per cent on ‘printing/drawing ink’, sharp knife, paper-cutting knife and ‘pencil sharpener’, LED lamp, drawing and marking products.
  • Solar water heater will now attract 12 percent GST, earlier it was 5 percent.
  • Contracts issued for roads, bridges, railways, metro, waste treatment plants and crematoriums will now attract 18 per cent GST.  Till now it was 12 percent.

Decreased prices:

  • GST reduced from 12 to 5 percent on equipment connected with transportation of goods and passengers and residual evacuation surgery by ropeway.
  • Trucks, vehicles used for transportation of goods including fuel cost will now attract 12 per cent GST instead of 18 per cent.
  • Reduced GST from 12 per cent to 5 per cent in some orthopaedic products.

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