GST Meeting On 28 To 29 June 2022 GST Slab Latest News GST Slab Update

GST Slab: The central government can take a big decision...

GST Slab: The central government can take a big decision regarding GST. The government may soon change the slab of GST. In the meeting of the GST Council to be held in Chandigarh this week, the GST rates of some items may be changed, while the recommendations of the fitment committee will be accepted to maintain the status quo in the rates of more than 215 items.

Meeting will be held on 28-29 June
The 47th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states and union territories, is scheduled to be held on June 28-29. The council meeting is being held after six months. In the meeting, apart from rationalizing the rate, the payment of compensation to the opposition-ruled states can be discussed hotly.

Recommendation to reduce from 18 percent to 5 percent
The rates proposed by the Committee of Officers or the Fitment Committee will be considered on the tax rates. The committee has recommended a uniform 5% GST rate on artificial limbs and orthopedic implants. The committee has also recommended reduction of the GST rate on ropeway travel to five per cent from the present 18 per cent.

Clarification will be issued on GST rates
Apart from this, the GST rate on Ostomy Instruments is proposed to be reduced from 12 per cent at present to five per cent. Apart from this, a clarification will be issued on GST rates for electric vehicles, according to which EVs, whether equipped with batteries or not, will be taxed at the rate of five per cent. Two reports of the Group of Finance Ministers of the states will also be presented in the GST Council.

In the meeting of the GST Council, the opposition ruled states will strongly advocate for continuation of compensation of revenue deficit. On the other hand, the Center would like to stop any such move citing tight fiscal conditions.

Loan taken to meet compensation fund
To meet the shortfall in the GST Compensation Fund, the Center took a loan of Rs 1.1 lakh crore in 2020-21 and Rs 1.59 lakh crore in 2021-22 and released it to the states. This was done because of shortfall in cess collection.

GST was implemented in 2017
After the 45th meeting of the GST Council in Lucknow, Union Finance Minister Nirmala Sitharaman had said that the system of paying compensation to states for revenue shortfall will end in June next year. The Goods and Services Tax (GST) was implemented in the country from July 1, 2017 and states were assured compensation for a period of five years against any loss of revenue due to the implementation of GST.

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