GST rate reduction: The 31st meeting of the Goods and Services Tax (GST) council took place today in Delhi. V Narayanasamy, Puducherry Chief Minister, who attended the meeting, told reporters,
GST rate reduction: The 31st meeting of the Goods and Services Tax (GST) council took place today in Delhi. V Narayanasamy, Puducherry Chief Minister, who attended the meeting, told reporters, "33 items have come down from 18% to 12% and 5% as they are common man’s consumption goods." "The original demand by Congress that all goods should come down to 18% & below except luxury items has been agreed by the Government. Except 34 items all other will come down to 18% & below, he added. Check GST Council Meeting Today Updates
Full list of items whose GST rates have been revised follows:
Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container. Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption to attract zero GST, said an official statement. (Pixabay)
Movie tickets are set to become cheaper. Reports say that Only 18% GST will be charged on movie tickets priced over Rs 100 and 12% on tickets priced below Rs 100. "GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%," said an official statement. (Twitter)
GST on religious air travel has been reduced from 18% to 12% and 5%."Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements shall attract the same rate of GST as applicable to similar flights in Economy class (i.e. 5% with ITC of input services)." said an official statement. (Pixabay)
"The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them:
Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed - Law Committee and Fitment Committee.
Tax rate on lotteries – Committee of States.
Taxation of residential property in real estate sector – Law Committee and Fitment Committee.
Threshold limit of exemption under GST regime – GoM on MSMEs.
GST council in its next meeting would take a view on the above issues in its next meeting." (Twitter)
GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff]. Other goods or services used in these plants attract applicable GST.Certain disputes have arisen regarding GST rates where specified goods attracting 5% GST are supplied along with services of construction etc and other goods for solar power plant. To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate. (Pixabay)