GST Council Meeting: The fifty fifth assembly of GST Council has been accomplished in Jaisalmer, Rajasthan. Many essential decisions have been taken on this assembly. Finance Minister Nirmala Sitharaman is telling how a lot GST has increased and decreased on which objects. The Finance Minister stated that the GST Council has lowered the speed on fortified rice kernels to five%. Apart from this, concerning GST on food delivery apps, the Finance Minister stated that it has been postponed for the time being. He stated that whether or not GST ought to be imposed individually on delivery expenses and food has additionally been mentioned.
Big information for small corporations
Apart from this, Finance Minister Sitharaman stated that the GST Council has given in-principle approval to the idea be aware for bringing amendments in GST for the brand new registration system. So that it turns into simpler for small corporations to avail low enter tax credit score.
Said this about popcorn
Regarding popcorn, the Finance Minister stated, “Salted, caramelized, plain popcorn is being sold as namkeen in some states. Caramelized popcorn contains added sugar, hence is taxed at a different rate than namkeen. Even if it is carbonated Be it drinks or juice, anything with added sugar is subject to a different tax rate. Since caramelized popcorn contains added sugar, it has a different tax rate. Is.”
large factor stated on EV
Finance Minister Sitharaman stated that there’s 5% GST on new EV autos. There isn’t any GST on old EV automobiles when they’re bought between people. But if an organization sells old EV, petrol, diesel autos, then the Council has increased the GST fee on margin to 18%.
No resolution on ground house index
There was a dialogue on whether or not GST on ground house index ought to be reverse charged or ahead charged, however no resolution was taken on this. The Finance Minister stated that it’s believed that land is a state topic and this will even have an effect on the income of the municipality.
These individuals attended the GST Council assembly
Many large faces have been current on this fifty fifth assembly of GST Council. In these, together with Finance Minister Nirmala Sitharaman, Minister of State for Finance Pankaj Choudhary, Chief Ministers of Jammu and Kashmir, Goa, Haryana Odisha, Meghalaya and Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, Telangana participated. Apart from this, Finance Ministers of many states, Revenue Secretaries and Chairman of CBIC have been additionally current on this assembly. At the identical time, many senior officers of the Finance Ministry additionally participated on this assembly.
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