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GST Council Meet Updates- Tax Rates revision approved

GST Council Meet Updates- Tax Rates revision approved

GST Council Meet Updates- Tax Rates revision approved

What are changers made in 47th 47th GST Council Meeting? 

Tax Rates On Certain Goods And Services To Be Simplified By GST Council: FM. Following two 47th GST Council Meeting, the Finance Ministry said that the government would increase taxes on some goods and services from the current rate of 12 cents to 18 cents, effective as of July 18, 2022.

Details of above GST Tax Rates revision approved are below : 

  • Withdrawal of exemption on services by department of posts except post cards, envelopes less than 10 gm
  • Increase in GST on e-waste from 5% to 18%
  • Withdrawal of exemption to services provided by RBI, Sebi, IRDAI, FSSAI
  • Tax @ 18% on cheques, lose or in book form
  • Hotel accommodation below Rs 1,000 be taxed at 12%
  • Withdrawal on GST exemption on storage and warehousing of taxable goods like sugar, natural fiber
  • Tax Increased on work contract services supplied to govt, local authorities to 18% to correct inversion
  • Withdrawal of GST exemption to business class air travel for northeastern states
  • Tax increased on milling machinery for cereals from 5% to 18%

gst Rate

  • Withdrawal of exemptions on rail transport & road, when such services are input for business
  • Input tax credit Refund on account of inverted duty structure in edible oils, coal disallowed.
  • GST Council approves to replace the term ‘branded’ with ‘pre packaged and labelled’ for retail sale to avoid disputes. (Branded cereals, food attract 5% GST currently)
  • Exemption for cereals sold loose or unlabeled, food items continued.
  • Tax increased LED lamps, power driven pumps, ink, knives, blades, dairy machinery from 12% to 18%
  • Withdrawal of exemption on services by way of slaughtering of animals
  • Tax increased on solar water heater, finished leather from 5% to 12%
  • Withdrawal of exemption on services like fumigation of warehouses
  • Tax increased on specified goods for petroleum from 5% to 12% on input goods to correct inversion

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