Following the GST Council authorized changes to the tax rates of certain items and services with the intention of rationalizing the levy certain products are now likely to be taxed under taxation under the Goods and Service Tax (GST).
The GST Council, the highest authority in the imposition of the tax on services and goods and is led by Finance Minister of the Union Nirmala Sitharman and comprises by the representatives of all States as well as UTs took the decision.
The following is a listing of products and services which will be subject to GST
- Pre-packaged and labeled meat (except frozen) such as curd, fish, lassi, paneer honey, dry leguminous vegetable Makhana dried in the form of dried makhana and other cereals, such as wheat or meslin flour or jaggery, the puffed rice (muri) All items and organic manure as well as Coir pith compost will not be exempt from GST and will be subject to the tax of 5 percent.
- However, items that are not packed, unlabeled and are not branded will be tax-free. GST.
- The GST Council also recommended a modification to the structure of duty that is inverted for a variety of items that include coal, edible oil LED lamps, drawing ink for printing or drawing as well as finished leather as well as solar-powered water heaters.
- An 18 percent GST is to be charged on bank fees to issue check (loose as well as in book format).
- Charts and maps, including atlases, are subject to the levy of 12 per cent.
- A tax of 12 percent on hotel rooms that are less than Rs $1,000 per calendar day would be imposed instead of an exemption in place.