GST Council meeting

GST Council meeting

Subject : Economy

Section: Fiscal Policy

Context:

FM told the press that the Council took up reports by the four Groups of Ministers. The recommendations on doing away exemptions and the inverted duty structure (a higher rate on inputs and a lower levy on finished products) by the GoMon rate rationalisation, e-way bill requirement for intra-State movement of gold and other precious metals by the second GoM, and IT reforms by the third GoM were accepted.

The GoM on online gaming, casinos and horse racing has been given 15 days to come out with further clarity. The Council decided to set up a GoM on the constitution of a GST Appellate Tribunal. The next meeting of the GST Council is scheduled for the first week of August at Madurai and will take up the two GoM reports, one on online gaming, casinos and horse racing, and the other on tribunal

GST to be levied on pre-packed, pre-labelled curd, lassi and butter milk, paneer, natural honey, fish & meat (except frozen), certain kinds of vegetables, barley, oats, maize, millets, corn flour, jaggery, puffed rice, parched paddy

• With inverted duty structure corrected, GST rate to go up
• E-waste: 18% from 5%
• Printing, writing ink: 18% from 12%
• Knives, spoons, forks: 18% from 12%
• LED lamps, lights, fixtures: 18% from 12%
• Solar water heater: 12% from 5%
• Finished leather: 12% from 5%