KEY DECISIONS OF 47TH GST COUNCIL MEETING

  • The GST Council has determined that electric cars, whether or not they are equipped with a battery pack, are eligible for a reduced GST rate of 5%.
  • Services of guest anchors offered by television networks in place of honoraria are subject to the Goods and Services Tax
  • 5% for patient rooms that cost more than Rs 5,000 per day without ITC, based on the amount charged.

Changes in GST Rates

  • GST Rate from 12% to 5% – Ostomy, certain orthopaedic appliances
  • GST Rate from 18% to 5% – Goods and passengers transportation by ropeways.
  • GST Rate from 18% to12% – Renting of Truck or Goods Carriage where fuel cost included.
  • GST Rate from 18% to 12% – Tetra Pak, work contract services from bridges, metro, roads, effluent treatment plant, crematorium
  • GST Rate from 0.25% to 1.5% – Polished Diamonds
  • 18% GST Rate
    • Pumps – Submersible, Centrifugal, Deep tube-well turbine, Bicycle;
    • Paper knives with cutting blades, Pencil sharpeners and blades, Forks, Ladles, Spoons, Skimmers;
    • Sorting or grading, cleaning machine for seed, grain pulses; Milling industry machinery used for the working of cereals etc; Air Based Atta Chakki, Pawan Chakki;
    • Cleaning Machines used for fruit or other agricultural produce and its parts, Milking machines and dairy machinery.
  • 5% GST Rate – Honey, Dried Makhana, Curd, Wheat, Cereals, Curd, Meslin Flour, Jaggery, Puffed Rice
  • The council helps the transportation industry with relief. The Goods and Services Tax (GST) council reduced GST on ropeways, exempted foreign components of tourism packages from GST, and decreased GST on fuel-inclusive goods carriages.
  • 1.2 lakhs small taxpayers benefited from the exemption of the registration requirement for small enterprises with an annual turnover of up to Rs. 40 lakh and Rs. 20 lakh, respectively, utilising e-commerce platforms to sell items and being permitted to select for the composite plan.
  • 12% GST Slab – Atlases, Charts, Maps, Hotel Rooms below Rs 1000 per day and 18% GST on Bank Fees for cheques.
  • Edible oils cannot claim ITC refunds due to inverted rates.
  • Inverted duty correction on printing, writing or drawing ink from 12% GST rate to 18%.
  • Inverted duty on LED lights, fixtures and lamps from 12% to 18%.
  • Solar water heater and works contract to govt proposed from 5% GST to 12% rate.
  • Inverted duty on tailoring and other job works for textiles correction proposed from 5% GST to 12% rate.
  • It has permitted the Taxpayers to amend their monthly tax returns (GSTR-3B).
  • The government-operated National Informatics Centre (NIC) provides a second e-invoicing platform. The council decided to implement six portals for invoice registration during the next six months.
  • Gold, and precious stones to be required to carry e-way bills by the GST council.

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