49th GST Council Meeting: Know The Key Recommendations Relating To GST Rates On Goods and Services

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.Here are recommendations relating to GST rates on Goods and Services:GST Rate ReductionThe GST Council has reduced the GST rate on rab from 18% to 5% if sold prepackaged and labeled and nil if sold otherwise. The GST rates on pencil sharpeners have been reduced from 18% to 12%.Regularize payment of GST on ‘Rab’It has been decided to regularise payment of GST on ‘rab’ during the past period on an “as is basis” on account of genuine doubts over its classification and applicable GST rate.No Separate IGST Leviable On Device Like Tag-Tracking Device Or Data Logger Is Already Affixed On A ContainerIf a device like a tag-tracking device or data logger is already affixed on a container, no separate IGST shall be levied on the such an affixed device, and the ‘nil’ IGST treatment is available for the containers.Compensation CessIt has been decided to amend the entry at Sl. No. 41A of notification No. 1/2017-Compensation Cess (Rate) so that exemption benefit covers both coals rejects supplied to and by a coal washery that results from coal on which compensation cess has been paid and no person has claimed an input tax credit.GST Exemption On Educational InstitutionIt has been decided to extend the exemption available to educational institutions and Central and State educational boards for the conduct of entrance examination to any authority, board, or body set up by the Central Government or State Government including the National Testing Agency for the conduct of entrance examination for admission to educational institutions.GST On Services Provided By CourtIt has been decided to extend the dispensation available to Central Government, State Governments, Parliament, and State Legislatures with regard to payment of GST under the reverse charge mechanism (RCM) to the Courts and Tribunals also in respect of taxable services supplied by them such as renting of premises to telecommunication companies for installation of towers, renting of the chamber to lawyers, etc.Press Release 49th Meeting of the GST CouncilDate: 18.02.2023Click Here To Read The Press Release

49th GST Council Meeting: Know The Key Recommendations Relating To GST Rates On Goods and Services

Mariya Paliwala

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