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GST Council Meeting: There is a possibility of reduction in GST rates on pencils to sharpeners in the upcoming GST Council meeting. It is believed that GST rates on health products related to Millets can be reduced. In the meeting of the Fitment Committee, it has been agreed to reduce the GST rates on pencil sharpeners and on February 18, when the 49th meeting of the GST Council will be held under the chairmanship of Finance Minister Nirmala Sitharaman, then it can be finalized.
The Fitment Committee of GST has recommended reducing the rate of GST on pencil sharpeners from the current level of 18 per cent to 12 per cent. Earlier in the 47th meeting of the GST Council, the rates were increased to rationalize the GST rates on pencil sharpeners. In fact, these products are used by school children and there was a lot of criticism for the decision to increase GST rates.
GST Council can reduce GST rates on 70% health products related to millets. At present, 18 percent GST is levied on products related to millets. 2023 is being celebrated as the International Year of Millets. That’s why the Fitment Committee has recommended to make 70 percent millets products which are being sold in the open and which currently have 18 percent GST rate to be made zero.
Apart from this, the GST Council can approve the report of the Group of Ministers to prevent tax evasion on Pan Masala and Tobacco. The committee headed by Odisha’s Finance Minister Niranjan Pujari has submitted its report.
In the 49th meeting of the GST Council, the creation of GST Appellate Tribunals can also be approved. Apart from this, GST rates on online gaming, casino and horse racing can also be discussed in the GST Council meeting.
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