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GST Council: The 49th meeting of Goods and Services Tax i.e. GST Council was completed in New Delhi today and many important issues were discussed in this GST Council meeting. In this meeting chaired by Finance Minister Nirmala Sitharaman, apart from formation of Appellate Tribunal, GST on Pan Masala and Gutkha was also discussed. Finance Minister Nirmala Sitharaman along with Minister of State for Finance Pankaj Chowdhary, state finance ministers and senior officials have participated in the 49th GST Council meeting.
Big announcements made in press conference after GST Council meeting
Finance Minister Nirmala Sitharaman addressed the press-conference after the GST Council meeting in which she said that the full GST compensation or GST compensation amount due for 5 years to the states is being released. Under this, Rs 16982 crore will be released. A decision has been taken on these in the meeting of the GST Council. Information was also given regarding GST compensation of many states including Delhi, Tamil Nadu, Uttar Pradesh, Karnataka. The Finance Minister made it clear that after releasing this amount to the states, the Central Government will release the fixed GST Compensation Cess for the entire five years. This was fixed under the GST (Compensation to States) Act, 2017.
GST rate reduced on these items
Finance Minister informed that pencil sharpener But the rate of GST is being reduced from 18 percent to 12 percent. In this way, it will become cheaper for the general public to buy pencil sharpeners.
Other than this Liquid jaggery or liquid jaggery (raab) Even then the GST rate is being reduced to zero, which was earlier 18 percent. If it is sold loose, it will attract zero percent GST, which was earlier 18 percent. If this liquid jaggery is sold in a packaged or labeled manner, then 5% GST will be levied on it. In this way GST on retail sale of liquid jaggery has been abolished.
Along with this, the Finance Minister announced that Durable Container Mounted Tags Tracking Devices And apart from these, GST has also been reduced on data loggers. It has been reduced from 18 percent to zero. However, it is necessary to apply some conditions.
Know other decisions of the GST Council meeting
It has been decided to make late fee on annual return. It has been decided to implement capacity based taxation and strict compliance.
Recommendations on GOM on Pan Masala and Gutkha have been approved.
The report of the Group of Ministers (GoM) on the GST Appellate Tribunal has been approved.
On the request of the states, the demand to change the language of the draft has also been accepted.
The reports of two GoMs have been accepted – Finance Minister
Finance Minister Nirmala Sitharaman said that the reports of two groups of ministers have been accepted. These have been considered with the fact that further minor modifications can be made in it. The possibility of making minor changes in the language of related bills has also been considered.
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