GST Council Meeting: Shock of inflation! Branded paneer and curd will be expensive, this service of the bank will be taxed

GST Council Meeting: After following several suggestions of the finance ministers of the states, it has now been decided to impose GST on packaged branded items like curd, cheese, honey, meat, and fish.

GST Council Meeting: The common man suffering from inflation has got another setback. The GST Council has decided to levy Goods and Services Tax (GST) on packaged and labeled branded goods like curd, cheese, honey, meat, and fish. Apart from this, GST will also have to be paid on the fees charged by banks for the issuance of cheques.

Accepting the recommendation to withdraw the exemption,
Officials said most of the recommendations of the Group of Finance Ministers of the states have been accepted. The recommendations for withdrawal of exemptions came to rationalize rates on issues related to the Goods and Services Tax (GST). Let us inform you that the council led by Union Finance Minister Nirmala Sitharaman includes the state finance ministers.

These things will attract 5% GST
The Council accepted the recommendations of the Group of Ministers (GoM) on the review of exemptions from GST on Tuesday, the first day of the two-day meeting. This discount is currently available for packaged and labeled foods. With this, products such as canned meat (except frozen), fish, curd, cheese, honey, dry makhana, soybean, peas, wheat and other cereals, wheat flour, muri, jaggery, all commodities, and organic manure are now five percent. Huh. GST will be applicable.

Hotel stay will be expensive
Similar to this, banks’ fees for issuing checks will be subject to an 18% GST levy. Atlases and other maps and charts will be subject to a 12% GST. At the same time, openly sold unbranded goods will continue to be exempt from GST. Apart from this, it has been said to levy tax at the rate of 12 percent on hotel rooms renting less than one thousand rupees per day. There isn’t a tax on this right now.

GST burden on some items may be reduced
, Rationalization of rates is important for raising the average GST. The weighted average GST at the time of implementation of this tax regime has come down from 14.4 percent to 11.6 percent. GST Council recommends reform of inverse duty structure (higher tax on finished products than raw materials and intermediates) on several products including edible oil, coal, LED lamps, ‘printing/drawing ink’, finished leather, and solar electric heaters. , is about.

Read More: GST Slab Rejig: Inflation hit GST too, there will be no change in slab at present.

These things will be considered today
To compensate for the revenue loss to the states, on Wednesday, the council can consider the demand to continue the compensation system even after June 2022. In addition, significant concerns including imposing a GST of 28% on casinos, online gambling, and horse racing are likely to be covered.

Opposition-ruled states like Chhattisgarh have been demanding an extension of the GST compensation system for five years or increasing the revenue share of states to 70-80 percent from the current 50 percent. Additionally, the state finance ministers’ report on GST system modifications was approved. It suggests biometric verification of high-risk taxpayers in addition to real-time bank account verification.

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