GST Council Meeting


Credit: iPleaders

COUNCIL MEETING


• The 47th GST Council Meeting was held on 28th and 29th June in Chandigarh.

• The meeting was chaired by the Union Finance Minister Nirmala Sitharaman.

• The decisions taken in the two-day 47th GST Council Meeting will be made effective from 18 July 2022.


CHANGES IN GST


• Kitchen utensils led lights, farm machinery, solar water systems as well as services like work contracts for roads, irrigation projects, hospitals, and educational institutions would now be charged at 18 percent from an earlier rate of 12 percent

• The GST Council also approved an increase in tax on petroleum and coal bed methane to 12 percent from 5 percent earlier.

• The government will now impose an 18 percent tax on fees charged by banks for the issue of cheques (loose or in book form).

• However, maps and hydrographic or similar charts of all kinds, including atlases, wall maps, and globes, printed will invite a 12 percent GST.

• All these products were earlier charged nil.

• The tax on agricultural items like packaged cereals, wheat, maize, and rice, which are unbranded but sold in a labeled package has increased by 5%,

• The GST on e-waster was also revised from the current 5 percent to 18 percent.

• However, there was no decision on 28% GST on Casinos and Online Gaming.