GST Council Meeting: Several important decisions have been taken in the meeting of the GST Council (49th GST Council Meeting 2023) held on Saturday under the chairmanship of Union Finance Minister Nirmala Sitharaman. The Finance Minister said that GST rates have been cut on Raab (liquid jaggery) and pencils and sharpeners. Also, outstanding compensation has been issued to all the states. The Center has released Rs 16,982 crore to the states.
Rab’s GST rate is being reduced. If loose Raab is taken then it will attract 0% GST rate and if it is pre packed and labeled then it will attract 5% GST. GST on pencil sharpeners has been reduced from 18% to 12%: Union Finance Minister Nirmala Sitharaman pic.twitter.com/naO33NAFnd
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Know the important things of the council meeting
- Students preparing for competitive exams have got a big relief. GST will not be applicable on National Taxing Agencies. Now GST will not be applicable on examination fees. Till now 18% GST was levied on the examination fees.
- Pan-Masala, Gutkha The recommendations of the GOM have been accepted.
- The report on GST Appellate Tribunal has also been accepted. The definition will be changed on the request of the states.
- There has been a change in the taxation system to prevent tax evasion. Earlier there was Ad Valorem Tax on production.
- The decision to tax MUBs on the lines of SUVs has been postponed. The Council has also recommended rationalization of late fee on delay in filing of Annual Returns.
Pending balance of GST compensation paid to states
Nirmala Sitharaman said that the pending balance of GST compensation has been cleared in full. A total of Rs 16,982 crore has been given. He said that Raab is a type of liquid jaggery which is specific to Uttar Pradesh and other jaggery producing states. We are reducing the GST rate on Rab from 18% to zero. But 5% GST will be levied on pack rab.
GST on pencil sharpeners has been reduced from 18% to 12%. In addition, GST on tag tracking devices or data loggers fitted on durable containers has been reduced from 18% to nil subject to certain conditions.
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