GST Meet Highlights - GST will further loosen pockets...

S Venkateshwari
GST Meet Highlights - GST will further loosen pockets...

The 47th two-day meeting of the GST Council or the Goods and services Tax Council (GST) is going on in Chandigarh. It is to be known that this meeting started on 28 june i.e. Tuesday. In the meeting, some suggestions of the Finance Ministers of the states and the panel of fitment committee have been accepted on many things. After the implementation of these suggestions, local milk, agricultural products, non-branded rice, and flour will become expensive. Explain that this panel has suggested putting non-branded i.e. local dairy and agri products in the GST rate slab of 5 percent. Along with this, the recommendations of three panels of ministers to rationalize the tax rates on gold and precious metals have been accepted.

GST was implemented on 1st July 2017. At that time the central government had said that GST would compensate for the revenue loss of the states. It was only for five years, now it is going to end on june 30. This is called GST Compensation.

What things got expensive?

Milk and agricultural products now locally produced and distributed, such as fish, curd, paneer, lassi, buttermilk, flour, and other cereals, honey, papad, meat-fish (with the exception of frozen products), puffed rice, and jaggery Will get expensive. Traders doing their business can be brought into the tax slab of 5 percent.

GST has been increased from 12 percent to 18 percent on Printing, Writing and Drawing Ink, Chakku, Spoon, Dairy machines, LED Lamp, and Drawing Instruments.

GST on Solar Water Heaters and Finished Leather has been increased from 5 percent to 12 percent.

Hotels or hospital rooms whose rent is less than Rs 1,000 will have to pay 12 percent tax.

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