GST Council meet News
From July 18, the prices of several essential commodities are going to increase. From now on, you will have to pay more for daily food items. The decision was taken at the 47th GST meeting chaired by FM Nirmala Sitharaman said. She said that GST rates will increase on some new products and some goods and services from July 18, 2022.
Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST.
Many important decisions were taken in the meeting of the GST Council held in Delhi on Friday. After the meeting, the government announced to make many costly life-saving medicines GST free. At the same time, there was no consensus in the meeting on the issue of making petrol and diesel GST-free. Union Finance Minister Nirmala Sitharaman held a press conference after the GST Council meeting.
Sitharaman said, "Every state has a business to do what it wants about its own borrowing" "GST Council has been gracious enough in unanimously agreeing to extend cess beyond 5 years" States sought clarifications on why the Centre cannot borrow on behalf of states and the government provided an explanation for the same, she added
The GST council in its ongoing meeting has decided to provide huge relief to small traders and manufacturers, sources told Zee Media. According to sources, the GST Council has decided now the manufacturers having turnover of Rs 1.5 crore can also avail benefits of composition scheme. Watch this video to know more.
This segment of Zee News brings to you latest updates. The 31st Goods and Services Tax (GST) Council meeting on Saturday decided to move 33 items from the 18 percent tax slab to 12 percent and 5 percent while six items were moved from 28 percent slab to 18 percent bracket. Watch this video to know more.