Friday, August 19, 2022

GST Council Meet: What happened after the GST Council meeting, what was cheap and what was expensive, see the complete list here

GST Council Meet: In the two-day meeting of the GST Council in Chandigarh, the tax rates on many things have been changed. Due to this many things have become expensive and many are cheap. Let’s see the complete list.

GST Council Meet: The GST Council has decided to withdraw the exemption on some items while increasing the rates on some items. After this decision, 5 percent tax will be levied on packed wheat flour, papad, paneer, curd, and buttermilk. Union Finance Minister Nirmala Sitharaman said that the suggestions given in the two-day meeting of the GST Council in Chandigarh regarding the rationalization of rates of various groups have been accepted. This has led to a change in tax rates. These changes will be effective from July 18.

The meeting will be held again in the first week of August
However, the GST Council has sent the report on Casino, Online Gaming, and Horse Racing to the Group of Ministers (GoM) for reconsideration. The Finance Minister said that the GST Council will meet again in the first week of August to take a decision on this issue. Nirmala Sitharaman said that the next meeting of the GST Council will be held in Madurai, Tamil Nadu in August.

The panel was given an extension of 3 months,
Finance Minister Nirmala Sitharaman said that in the meeting of the GST Council, no decision has been taken to increase the GST compensation of the states. There has also been no discussion in the Council regarding the rationalization of rates. For this, the panel has been given an extension of 3 months.

whose price has gone up
Products such as canned fish, curd, paneer, lassi, honey, dry makhana, dry soybean, and peas, etc. will now attract 5% GST.
18% GST will be levied on the charges charged by the banks for the issuance of cheques.
Maps and charts including the atlas will attract 12 percent GST.
12 percent 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 a hospital.
GST on ‘printing/drawing ink’, sharp knife, paper cutting knife and ‘pencil sharpener’, LED lamp, drawing and marking products has been increased to 18 percent.
The 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 cremation grounds will now attract 18 percent GST. Till now it was 12 percent.

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

What are the things that will be cheaper?
GST on goods and equipment connected with transportation of passengers and residual evacuation surgery by ropeway has been reduced from 12 to 5 percent.
Trucks, and vehicles used for transportation of goods including fuel costs will now attract 12 percent GST instead of 18 percent.
GST was reduced from 12 percent to 5 percent in some orthopedic lineups.

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GST Council Meet: What happened after the GST Council meeting, what was cheap and what was expensive, see the complete list here

GST Council Meet: In the two-day meeting of the GST Council in Chandigarh, the tax rates on many things have been changed. Due to this many things have become expensive and many are cheap. Let’s see the complete list.

GST Council Meet: The GST Council has decided to withdraw the exemption on some items while increasing the rates on some items. After this decision, 5 percent tax will be levied on packed wheat flour, papad, paneer, curd, and buttermilk. Union Finance Minister Nirmala Sitharaman said that the suggestions given in the two-day meeting of the GST Council in Chandigarh regarding the rationalization of rates of various groups have been accepted. This has led to a change in tax rates. These changes will be effective from July 18.

The meeting will be held again in the first week of August
However, the GST Council has sent the report on Casino, Online Gaming, and Horse Racing to the Group of Ministers (GoM) for reconsideration. The Finance Minister said that the GST Council will meet again in the first week of August to take a decision on this issue. Nirmala Sitharaman said that the next meeting of the GST Council will be held in Madurai, Tamil Nadu in August.

The panel was given an extension of 3 months,
Finance Minister Nirmala Sitharaman said that in the meeting of the GST Council, no decision has been taken to increase the GST compensation of the states. There has also been no discussion in the Council regarding the rationalization of rates. For this, the panel has been given an extension of 3 months.

whose price has gone up
Products such as canned fish, curd, paneer, lassi, honey, dry makhana, dry soybean, and peas, etc. will now attract 5% GST.
18% GST will be levied on the charges charged by the banks for the issuance of cheques.
Maps and charts including the atlas will attract 12 percent GST.
12 percent 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 a hospital.
GST on ‘printing/drawing ink’, sharp knife, paper cutting knife and ‘pencil sharpener’, LED lamp, drawing and marking products has been increased to 18 percent.
The 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 cremation grounds will now attract 18 percent GST. Till now it was 12 percent.

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

What are the things that will be cheaper?
GST on goods and equipment connected with transportation of passengers and residual evacuation surgery by ropeway has been reduced from 12 to 5 percent.
Trucks, and vehicles used for transportation of goods including fuel costs will now attract 12 percent GST instead of 18 percent.
GST was reduced from 12 percent to 5 percent in some orthopedic lineups.

🔥🔥 Join Our Group For All Information And Update, Also Follow me For Latest Information🔥🔥
🔥 YouTube                  Click Here
🔥 Facebook Page                  Click Here
🔥 Instagram                  Click Here
🔥 Telegram Channel                   Click Here
🔥 Google News                  Click Here
🔥 Twitter                  Click Here
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Most Popular

spot_img

Latest

GST Slab Rate: Big News! GST slab of 12 percent will end! Recommendation can be approved in the meeting

Update on GST rates: This is good news for the public. In fact, the Group of Ministers (GoM) constituted for the rationalization and review...

GST revenue: The government’s record-breaking earnings for the month of July came from GST.

GST Revenue Received: The Center's Modi administration brought in a record amount of GST revenue in July. With GST, the government has made a...

GST Update: Finance Minister announced, from 18th, many things including curd, lassi will be expensive; See full list here

ETA for GST Council Meeting: After the GST Council meeting, Finance Minister Nirmala Sitharaman made a number of significant announcements. Under this, many items...

GST Collection: More than Rs 1.44 lakh crore GST collection in June, 2022

Data on GST Collection: In the month of June, GST was collected to the tune of Rs. 1,44,616 billion. The GST collection in April...

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...

Most Popular

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