GST Council Meeting: Nirmala’s big decision on the price of goods! The price has increased, lotus which products? –

From approving the formation of the GST Appellate Tribunal to the clearance of GST compensation, Union Finance Minister Nirmala Sitharaman made several important announcements at the GST Council meeting on Saturday. He announced that the government is going to pay Rs 16,982 crore as full arrears of GST compensation. Also, several key tax cuts and increases on several goods and services were made in this meeting.

The government has approved the constitution of GST Appellate Tribunal in the GST Council meeting. This will help reduce the huge number of pending cases requiring disposal. The meeting will have a direct impact on consumers and industry stakeholders with the implementation of several tax cuts and new charges. After this meeting Union Finance Minister Nirmala Sitharaman made an announcement about what items would be expensive and cheap.

List of items that are cheaper after the GST Council meeting

1. Liquid jaggery

2. Pencil sharpener

3. Data logger

4. Rejected Coal

5. Educational Institution Entrance Test Fee (conducted by NTA)

6. Government announces subsidy and tax exemption on millets.

List of things that are going to be expensive after the GST Council meeting

1. Court service

2. Pan masala

3. Gutkha

4. Tobacco

Apart from the items mentioned above, the GST Council has decided to levy tax on several other items. The government is expected to take a decision on taxing online gaming, horse racing, casinos, etc. very soon.

The GST rate on liquid jaggery (rab) will be reduced from 18 percent to zero or 5 percent. He said that the GST rate would be zero if it is non-packaged. But 5 percent GST will be charged if it is packaged and labelled. There will be GST exemption for services provided by the National Testing Agency for conducting the entrance test. GST on data loggers reduced from 18 percent to zero.

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