Union Finance Minister Nirmala Sitharaman made significant announcements during the GST Council meeting on Saturday, including authorising the formation of the GST Appellate Tribunal and clearing up any outstanding Tax compensation. He declared that the government would pay the remaining 16,982 crores in GST compensation for June. In addition, a number of significant tax reductions on a number of significant commodities and services were made and put into effect.
Also, the establishment of the GST Appellate Tribunal and the GST Council meetings have been given approval by the government. Consumers and stakeholders in the industry will also be directly impacted by the introduction of multiple tax cuts and additional fees.
Major things to get cheaper after GST Council meeting
-liquid molasses
-pencil sharpener
-data loggers
– coal rejects
– Entrance Exam Fees of Educational Institutions (conducted by NTA)
Government is expected to announce subsidy and tax exemption on Bajra.
Things will be expensive
-court service
-Pan Masala
-Gutkha
-chewing tobacco
Apart from the above items, the GST Council is also expected to take a decision on taxation on online gaming, horse racing, casino etc. The GST rate on liquid jaggery (raab) will be reduced from 18% to nil or 5%. Selling it is going to attract zero GST rate, he said, adding that if it is loose then the GST rate will be zero, while it will be charged at 5% if it is pre-packaged and labelled. Services provided by the National Testing Agency for conducting entrance examination will be GST exempt. There is also a discount on call rejects and data loggers. GST on data loggers has been reduced from 18% to nil.
The government levies tax on services provided by courts and tribunals. Hence, people can expect to pay an additional Rs. The late fee paid during the delay in filing the annual return will also be rationalised.