Several items and services are all set to attract Goods and Service Tax (GST) after the GST Council approved changes in the tax rates on some goods and services with a view to rationalising the levy.
The decision was made by the GST Council, under the guidence of Finance Minister Nirmala Sitharman and representatives of all states and Uts.
Here is a list of items and services:
1) Pre-packed and labelled meat (except frozen), fish, curd, lassi, paneer, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, puffed rice (muri), all goods and organic manure and coir pith compost will not be exempted from GST and will now attract a 5 per cent tax.
2) The GST Council also recommended a correction to the inverted duty structure for a host of items, including edible oil, coal, LED lamps, printing/drawing ink, finished leather and solar water heater.
3) An 18 per cent GST will be levied on fees charged by banks for the issue of cheques (loose or in book form).
4) Maps and charts, including atlases, will attract a 12 per cent levy.
5) Goods that are unpacked, unlabelled and unbranded will continue to remain exempt from GST.
6) Besides, a 12 per cent tax on hotel rooms below Rs 1,000 per day will be levied, as against a tax exemption currently.
7) As for e-way bill on intra-state movement of gold, gold jewellery and precious stones to check evasion, the Council recommended that states can decide on the threshold above which the electronic bill is to be made obligatory.
8) Besides these, the decision- manking body is likely to discuss on Wednesday a 28 per cent tax on casinos, online gaming and horse racing.
The GST is a single, indirect tax imposed by the Government of India. It was presented on 1st July, 2017, and states were guaranteed of compensation for the revenue loss till June 2022, arising on account of the GST implementation.