MM TAX CLUB

Proposed GST rate changes are as under ;

• GST Council approves rate of 18% while withdrawing exemption on cheques, lose or in book form
• GST Council approves withdrawing exemption on services by department of posts except post cards, envelopes less than 10 gm
• Council approves to increase GST on e-waste from 5% to 18%
• Council agrees to withdraw exemption to services provided by RBI, Sebi, IRDAI, FSSAI
• Council approves hotel accommodation on below Rs 1,000 be taxed at 12%
• GST Council approves withdrawal of GST exemptions on a number of B2B supplies
• Council approves withdrawing GST exemption on storage and warehousing of taxable goods like sugar, natural fiber
• Council approves withdrawal of exemption on services like fumigation of warehouses
• Council approves withdrawal of exemption to business class air travel for northeastern states
• Council approves withdrawal of exemptions on road and rail transport, when such services are input for business
• Council approves withdrawal of exemption on services by way of slaughtering of animals
• GST Council disallows input tax credit refund on account of inverted duty structure in edible oils, coal
• GoM on rate rationalisation had observed substantial refund for edible oils, coal even though rate of inputs do not suggest inversion
• GST Council approves to replace the term 'branded' with 'pre packaged and labelled' for retail sale to avoid disputes
• Alert: Branded cereals, food attract 5% GST currently
• Council approves continued exemption for food items, cereals sold loose or unlabelled
• Council approves increasing GST on LED lamps, ink, knives, blades, power driven pumps, dairy machinery from 12% to 18%
• Council approves increasing GST on milling machinery for cereals from 5% to 18%
• Council approves increasing GST on solar water heater, finished leather from 5% to 12%
• GST Council approves correcting inverted duty structure on some items
• GST Council approves increasing rate on work contract services supplied to govt, local authorities to 18% to correct inversion
• CGST Council approves increasing rate on specified goods for petroleum from 5% to 12% on input goods to correct inversion

Source : https://twitter.com/ETNOWlive/status/1541758822917607424