GST Council Meet: Union Finance Minister Nirmala Sitharaman has taken several important decisions in the 49th meeting of the GST Council. While the GST rate has been reduced on some products, a decision has also been taken to release the outstanding GST amount to the states. GST on Pan Masala and Gutkha has also been discussed.
Completed in New Delhi on February 18 under the chairmanship of Finance Minister Nirmala Sitharaman. Minister of State for Finance Pankaj Chaudhary, Finance Ministers and officials of other states were present in this meeting. After the meeting, the Finance Minister has made many big announcements. Let us know which were the 10 special things of the 49th meeting of the GST Council.
10 big things of the meeting
- GST dues of Rs 16,982 crore released to states for five years
- The GST Council decided to tax the services supplied by courts and tribunals under the reverse charge mechanism.
- The GST rate on liquid jaggery (Raab) has been reduced from 18 per cent to nil or 5 per cent. Nil for loose and 5% for pre-packaged and labeled purchases
- GST on pencils and sharpeners was reduced from 18 to 12 percent.
- GST on tags, tracking devices or data loggers has been reduced from 18 per cent to nil under certain conditions.
- GST exemption was given on coal rejects.
- GST exemption for services provided by the National Testing Agency for conducting entrance examinations for admission to educational institutions.
- Late fee has been revised for delay in filing annual return especially for GST Form 9 from the year 2023. Such late fees have been reduced to small taxpayers whose annual turnover is up to Rs 20 crore.
- The GST Appellate Tribunal accepted the changes in the language and the amendments to the draft will be released in the next 5-6 days.
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