GST Revised Rates: Finance Minister Nirmala Sitharaman had announced changes in GST rates on many types of goods in the 49th meeting of the GST Council on 18 February. In these goods, the GST rate was changed from stationery items to examination institutes and food items. These changed rates have come into effect from today and from today, March 1, you will have to pay the changed tax on these products.
GST changed on these products and services from today
The GST Council has reduced tax on certain services apart from products like Raab (liquid jaggery) and pencil sharpener.
According to the notification of the Ministry of Finance, from today GST has been implemented on pencil sharpeners at the rate of 12% instead of 18% and due to this pencil sharpeners have become cheaper.
GST on Raab (Liquid Jaggery) has been removed. If it is sold loose or in retail, then zero percent tax has been applied on it. On the other hand, if there is packaged and labeled jaggery, then 5 percent GST has been implemented on it from today.
tag tracking devices
If tag tracking devices or data loggers are already fixed on a container, no separate IGST can be levied on it. At the same time, zero IGST is being implemented on such containers as well.
GST exemption on annual return filing
On behalf of the Central Government, the Ministry of Finance has also reduced the late fees for late filing for people filing annual returns under GSTR-9 form. From 2022-23 onwards, the late fee has been reduced to Rs 100 per day for those with a total turnover of up to Rs 20 crore in any one financial year. At the same time, late fee of Rs 50 per day has been fixed for businessmen with turnover up to Rs 5 crore. In either case, the maximum GST cannot exceed 0.04 per cent of the turnover.
Changes in GST on exam institutes
Apart from this, the announcement of changes in GST for the institutions conducting the exam was also made after the meeting of the GST Council.
read this also
Manufacturing PMI: Slight decline in manufacturing PMI in February, manufacturing activities slowest in 4 months