NEW DELHI: The 47th GST Council chaired by the Union Finance Minister Nirmala Sitharaman is likely to debate Wednesday’s call for an extension of compensation paid to states for lost revenue from their taxes, such as sales tax (VAT), which subsumes a national GST alongside a 28 percent tax on casinos, online gaming and horse racing will .
Here are the items that are now subject to GST:
– Pre-packaged and labeled foods such as meat, fish, cottage cheese, paneer and honey are now subject to 5% GST
– 18% GST will be added to the fees charged by banks for issuing checks (loose or book form).
– There is a 12% levy on maps and charts including atlases
– A 12 per cent tax on hotel rooms below Rs 1,000 per day will be levied, as opposed to a current tax exemption
Goods that are unpackaged, untagged and unbranded will remain GST exempt.
The implementation date of these recommendations has not yet been set. The Groups of Ministers (GoMs) have recommended that GST exemptions can continue for essential items such as bread, hearing aids, incense sticks, utensils, tractors and farm machinery.
The GST Council has also recommended a correction to the reverse duty structure for a variety of items including cooking oil, charcoal, LED lamps, printing/drawing ink, finished leather and solar water heaters.
(With inputs from PTI)
Here are the items that are now subject to GST:
– Pre-packaged and labeled foods such as meat, fish, cottage cheese, paneer and honey are now subject to 5% GST
– 18% GST will be added to the fees charged by banks for issuing checks (loose or book form).
– There is a 12% levy on maps and charts including atlases
– A 12 per cent tax on hotel rooms below Rs 1,000 per day will be levied, as opposed to a current tax exemption
Goods that are unpackaged, untagged and unbranded will remain GST exempt.
The implementation date of these recommendations has not yet been set. The Groups of Ministers (GoMs) have recommended that GST exemptions can continue for essential items such as bread, hearing aids, incense sticks, utensils, tractors and farm machinery.
The GST Council has also recommended a correction to the reverse duty structure for a variety of items including cooking oil, charcoal, LED lamps, printing/drawing ink, finished leather and solar water heaters.
(With inputs from PTI)
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