GST Council Meet Update: Finance Minister Nirmala Sitharaman has made many big announcements after the GST Council meeting. The Finance Minister has approved the recommendations of the GoM on Tax Exemptions and Correction of Inversion. But many everyday items have become expensive now.
GST Council Meet Update: Amidst rising inflation, the general public has got a setback. From July 18, now you will have to pay more for many everyday items. Actually, after the 47th meeting of GST, Finance Minister Nirmala Sitharaman addressed the press. The Finance Minister said that the rates of GST on some new products and some goods and services will increase from July 18. The meeting accepted the recommendations of a panel of state finance ministers and fitment committee to bring non-branded but packaged (local) dairy and agricultural products under the 5 per cent tax rate slab. Let us tell you that the last date to apply the new rates and discounts will be 18th July.
Finance Minister gave information
It has been decided in the meeting that pre-packaged labeled agricultural products like paneer, lassi, buttermilk, packaged curd, wheat flour, other cereals, honey, papad, food grains, meat and fish (except frozen), puffed rice and jaggery Will become expensive from 18th July. That is, the tax on them has been increased. Currently, 5 per cent GST is levied on branded and packaged food items, while unpacked and unlabeled items are tax free.
These things have become expensive
Not only this, the council has recommended state finance ministers to include hotel rooms (with tariffs below Rs 1,000 per night) and hospital rooms (with daily tariffs of more than Rs 5,000 per day) under the 12 per cent GST rate slab. Recommendations advocating for bringing have also been accepted. These rates will also be applicable from July 18. Apart from this, the GST on select utensils has also been increased from 12 per cent to 18 per cent.
No decision on revenue loss
It is worth noting that in the year 2017, GST was implemented on 1st July. At that time the states were assured of revenue deficit till June 2022. Actually, this revenue deficit was due to the rollout of GST. But no decision has been taken so far in the meeting of the GST Council on compensation to the states. Now June 30, its deadline is also ending.
