GST Council Meeting: On February 18, 2023, the Union Finance Minister, Nirmala Sitharaman, presided over the GST Council meeting and made a series of announcements that are expected to have far-reaching impacts on the Indian economy. One of the key announcements was the approval of the setting up of the GST Appellate Tribunal, which is expected to reduce the number of cases that are pending for resolution. The establishment of this tribunal is a significant step towards ensuring a smoother and more efficient tax dispute resolution mechanism in the country.
Major decision at GST Council Meeting
Another major decision taken during the meeting was the clearance of the pending GST compensation balance of Rs. 16,982 crores for June. This move is expected to provide much-needed relief to businesses that have been struggling to cope with the economic downturn caused by the COVID-19 pandemic. Additionally, the meeting witnessed the implementation of several tax cuts and new charges on certain goods and services, which will have a direct impact on both consumers and industry stakeholders.
Items that have turned Cheaper after GST Council Meeting:
- Pencil sharpener
- Liquid molasses
- Data loggers
- Entrance exam fees of educational institutions conducted by NTA
- Coal rejects
Items that have become expensive after GST Council Meeting:
- Chewing tobacco
- Gutkha
- Pan masala
- Court Service
The upcoming GST Council meeting is expected to address several important matters, including the taxation of online gaming, horse racing, and casinos. The rate of GST on liquid jaggery (raab) will be lowered from 18% to either zero or 5%, depending on whether it is loose or pre-packaged and labelled. The services provided by the National Testing Agency for conducting entrance exams will be exempt from GST, while coal rejects and data loggers will be subject to discounted rates. The GST on data loggers has been reduced from 18% to zero.
Furthermore, the government currently levies taxes on the services provided by courts and tribunals, which will result in increased costs for those seeking these services. Additionally, late fees incurred during the delay in filing the annual return will be rationalized.
These announcements made by the Finance Minister during the GST Council meeting are expected to have significant implications for the prices of goods and services, and their implementation is likely to result in notable changes in the economy.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
