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47th GST Council Meeting Press Release PDF Details

PDF Name	47th GST Council Meeting Press Release PDF
No. of Pages	13
PDF Size	2.25 MB
Language	English
Category	English
Source	icmai.in
Download Link	Available ✔
Downloads	17

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47th GST Council Meeting Press Release

Hey guys, here we are going to provide the 47th GST Council Meeting Press Release PDF for all of you. In Chandigarh, the two-day meeting of the Goods and Service Tax (GST) Council started recently. A decision can be taken on the change in the tax rate of some items in this meeting.

During this, a decision can also be taken on issues like extending the period of compensation to the states and relief in the registration rules of small e-commerce suppliers. The 47th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman, is being held after six months.

In the midst of the GST Council meeting, Chhattisgarh’s cabinet minister T Singh Deo wrote a letter to the Finance Minister saying that the compensation should be increased for 5 years. The state has suffered from GST. If the government does not increase the compensation, then the minister has recommended a new system.

Instead of 50:50 per cent for CGST and SGST, it has been advised to reduce SGST to 70-80 per cent and CGST to 20-30 per cent. This time a clarification may be issued on GST rates for electric vehicles, in the meeting of the GST Council. According to this meeting EVs, whether equipped with batteries or not, will be taxed at the rate of five percent. Two reports of the group of finance ministers of the states will be presented in the council.

47th GST Council Meeting Press Release PDF Correction of Inverted tax structure

Description of goods or services	Old Rate	New Rate
Solar water heaters and systems	5%	12%
Prepared or finished leather or chamois leather or composition leathers	5%	12%
Job work for processing of hides, skins, leather, making of leather products including footwear, and clay brick manufacturing	5%	12%
Earthwork works contracts and sub-contracts to the Central and state governments, Union Territories and local authorities	5%	12%
Pawan Chakki being air-based atta chakki, wet grinder, cleaning, sorting or grading machines for seeds and grain pulses, and milling machines or cereal making machines, etc;	5%	18%
Ink for drawing, printing, and writing	12%	18%
Knives with paper knives, cutting blades, pencil sharpeners and its blades, skimmers, cake-servers, spoons, forks, ladles, etc	12%	18%
Centrifugal pumps, submersible pumps deep tube-well turbine pumps, bicycle pumps that are power-driven mainly for handling water	12%	18%
Milking machines and dairy machinery, cleaning, sorting or grading machines and its parts for eggs, fruit or other agri produce	12%	18%
Lights and fixture, LED lamps, their metal printed circuits board	12%	18%
Marking out and drawing instruments	12%	18%
Services by foreman to chit fund	12%	18%
Works contract for railways, metro, roads, bridges, effluent treatment plant, crematorium, etc.	12%	18%
Works contract and sub-contract to the Central and state governments, local authorities for canals, dams, pipelines, plants for water supply, historical monuments, educational institutions, hospitals, etc	12%	18%
Refund of accumulated ITC for edible oils and coal is disallowed.
*The rates will come into effect from 18th July 2022 subject to CBIC notification

GST rate hikes and cuts

Description of goods or services	Old Rate	New Rate
What’s costlier
Cut and Polished diamonds	0.25%	1.50%
Tetra Pack (Aseptic Packaging Paper)	12%	18%
Tar (From coal, or coal gasification plants, or producer gas plants and coke oven plants)	5%/18%	18%
What’s cheaper
Import of tablets called Diethylcarbamazine (DEC) free of cost for National Filariasis Elimination Programme (IGST)	5%	Nil
Import of particular defence items by private businesses or suppliers for end-consumption of Defence (IGST)	Applicable rates	Nil
Ostomy Appliances	12%	5%
Orthopedic appliances such as intraocular lens, artificial parts of the body, splints and other fracture appliances, other appliances which are worn or carried, or body implants, to compensate for a defect or disability	12%	5%
Transport of goods and passengers by ropeways (with ITC of services)	18%	5%
Renting of truck or goods carriage including the fuel cost	18%	12%
*The rates will come into effect from 18th July 2022 subject to CBIC notification

Pruning of GST exemptions

Description of goods or services	Old Rate	New Rate
Earlier fully exempted, now withdrawn
Maps and hydrographic or similar charts of all kinds, including atlases, wall maps, topographical plans and globes, printed	Nil	12%
Cheques, lose or in book form	Nil	18%
Parts of goods of heading 8801	Nil	18%
Air transportation of passengers to and from north-eastern states and Bagdogra now restricted to economy class	Nil	Condition added
Transportation by rail or a vessel of railway equipment and material, storage or warehousing of commodities attracting tax such as copra, nuts, spices, jaggery, cotton, etc, fumigation in a warehouse of agri produce, services by RBI, IRDA, SEBI, FSSAI, and GSTN, renting of residential dwelling to GST-registered businesses, and services by the cord blood banks for preserving stem cells	Nil	Applicable rate
Room rent (excluding ICU) exceeding Rs.5,000 per patient day taxed without ITC	Nil	5%
Common bio-medical waste treatment facilities for treating or disposing biomedical waste shall be taxed with availability of ITC, like CETPs	Nil	12%
Hotel accommodation priced up to Rs.1,000 per day	Nil	12%
Training or coaching in recreational activities on arts or culture, or sports other than by individuals	Nil	Applicable rate
Earlier partially exempted, now withdrawn
Petroleum/ Coal bed methane	5%	12%
e-Waste	5%	18%
Scientific and technical instruments to public funded research institutes	5%	Applicable rate
*The rates will come into effect from 18th July 2022 subject to CBIC notification

Other Expectations of 47th GST Council Meeting Press Release

Clarity regarding the ITC refund to duty-free stores.
Waiver from March 1, 2020, to February 28, 2022 deadlines for refund applications under GST.
Further extension of the GSTR-4 filing deadline for FY 2021–22 to July 28, 2022, from June 30, 2022.
Extension of the CMP-08 filing deadline from July 18 to July 30 for June 30, 2022.
States may demand a minimum 2 to 3-year extension of the compensation timeframe.
The GST Council may present a thorough report on the National Anti-Profiteering Authority (NAA) and the current open cases for further consideration.
The Center and states may be given the authority to issue show-cause notices, and the GST Council may also consider the compliance difficulties that e-commerce sellers face.
Approval of an additional e-invoice portal or Invoice Registration Portal (IRP).
Proposal to introduce a new margin scheme for the tour and hospitality industry.

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47th GST Council Meeting Press Release PDF

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