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How are the new GST changes going to impact you?

The Goods and Services Tax (<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword>) Council held its 47th meeting last week and announced a slew of changes. It decided to bring more food items and services under its ambit, which might further strain already burdened <keyword id="1913721" type="General" weightage="20" keywordseo="family-budgets" source="Orion">family budgets</keyword>. <div type="image" title="GST changes might further strain already burdened family budgets" msid="92733185" hostid="261" caption="&amp;lt;p&amp;gt;GST changes might further strain already burdened family budgets&amp;lt;/p&amp;gt;"></div> What is GST? The Goods and Services Tax is a uniform indirect tax that replaced almost all central taxes. It came into effect in July 2017 and <a href="https://www.adityabirlacapital.com/abc-of-money/taxes-replaced-by-gst">subsumed </a>more than 13 central and state-level taxes. Why the revisions in GST? GST rates were being revised to rationalise tax on certain goods and services to correct an inverted duty structure, said Union Finance Minister Nirmala Sitharaman. Revised GST brings more food items under the tax slab Sitharaman chaired the meeting that included representatives of all states and UTs. A raft of decisions were taken at the meeting, including the withdrawal of the tax exemption on pre-packed and labelled retail items. Food items such as curd, lassi, puffed rice, buttermilk, meat (except frozen), fish, paneer, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, all goods and organic manure and coir pith compost will now attract a 5% tax from July 18. One of the reasons why unlabelled commodities were brought under the tax bracket was because some companies were seen to be misusing the provision of exempting unlabelled food items. The council also announced an 18% GST on fees charged by banks for the issue of cheques (loose or in book form). Maps and charts including atlases will attract a 12% levy. The council <a href="https://www.businessinsider.in/policy/news/gst-council-defers-tax-on-casinos-lottery/articleshow/92546658.cms">deferred </a>a decision on levying a 28% tax on casinos, online gaming, horse racing and lottery, pending more consultations with stakeholders. <div type="image" title="Revised GST brings more food items under the tax slab" msid="92733491" hostid="261" caption="&amp;lt;p&amp;gt;Revised GST brings more food items under the tax slab&amp;lt;/p&amp;gt;"></div> Adding to the family bills The new 5% tax on pre-packaged and unpacked essential food items like rice, wheat is expected to add to inflationary concerns, leading to price hikes. Non-ICU hospital rooms costing ₹5,000 a day will now attract 5% GST. Hotel rooms costing under ₹1,000 a day will be brought under the 12% tax slab. Kitchenware knives, blades, spoons, forks and ladles have also been moved to the 18% tax slab, up from 12% earlier. What will be cheaper? There are a few commodities and services that will get cheaper after the recent GST revision. Tax rates on transport of goods and passengers via ropeways; and orthopaedic appliances like splints and artificial body parts have been reduced to 5%. Here a short video- <div type="image" title="Simply put: How will the GST council’s tax changes affect family budgets?" msid="92734429" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;b&amp;gt;Simply put: How will the GST council&amp;#8217;s tax changes affect family budgets?&amp;lt;/b&amp;gt;&amp;lt;/p&amp;gt;"></div>

SIMPLY PUT: How will the GST council’s tax changes affect family budgets?

New Delhi, Dec 21 () States are not in favour of increasing GST rates at a time when there is a consumption slowdown and it is not the right time to bring down the number of slabs under the Goods and Services Tax (GST), Sushil Kumar Modi, Deputy Chief Minister of Bihar and Convenor of Group of Ministers on IGST, said on Saturday.
There is no possibility of any change in the Goods and Services Tax (GST) rates till the revenue stabilises, Modi said while speaking on the theme 'India: Roadmap to a USD 5 trillion economy' at FICCI's 92nd Annual Convention here.
"I want to assure you that not a single state... (and) the union government is ready to raise the tax rates," he said.
"At a time when the economy is in a slowdown, if you cannot cut the tax rate to boost consumption, do not increase the rates too. At these times you cut the duties and tax rates, and not increase them," Modi said.
On the chances of any reduction in GST rates, he said, "Till the time GST revenue does not stabilise, we cannot think of decreasing the tax rates. In fact, there is no possibility of any change in slabs and tax rates, hike or cut, in the near future."
There have been a shortfall in GST revenue collections against the projections. It crossed the Rs 1 lakh crore mark after a gap of three months in November with the revenue growing by 6 per cent to Rs 1.03 lakh crore during the month.
The collection was Rs 95,380 crore in October.
Modi also informed that now onwards the GST Council has decided to consider any change in tax rates only once in a year and rather than doing so in each and every meeting.
The latest meeting of the GST Council took place earlier this week, where the government fixed a uniform tax rate of 28 per cent on both state and private lotteries, which is to come to effect from March 2020.
In the previous various meetings of the GST Council, the government cut the rates on various services and goods, amidst GST collections remaining below expectations, with an aim to boost demand.
He also said that the time is not right to bring down the number of slabs under GST from the current five (0, 5, 12, 18 and 28 per cents) to 3 slabs.
Modi, who was the Finance Minister of Bihar when value-added tax (VAT) was administered in the country, said he is closely watching the execution of GST and enriching the process with learnings from eight different countries.
Compared to the pre-GST period, 99 per cent of the goods and services have less taxes levied on them post-GST, he said. 
Fake invoicing has become a major issue and the government is looking for ways to check the menace, Modi said. KPM MKJ

No possibility of any change in GST slabs, rates until revenue stabilises: Sushil Modi

<ul><li>The goods and services tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) council has proposed a total of 46 possible changes that can be made to the GST. </li><li>Amendments to <keyword id="6694899" type="UNKNOWN" weightage="20" keywordseo="input-tax-compensation">input tax compensation</keyword> (ITC) aren't only <keyword id="2209997" type="PERSON" weightage="20" keywordseo="business-friendly">business friendly</keyword>, but employee friendly as well. </li><li>Suggested changes to the <keyword id="5984725" type="UNKNOWN" weightage="20" keywordseo="reverse-charge-mechanism">reverse charge mechanism</keyword> and <keyword id="2824360" type="PERSON" weightage="20" keywordseo="composition-scheme">composition scheme</keyword> are a boom for micro, small and medium enterprises (<keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword>).</li></ul> It’s been a little more than a year that the goods and services tax (GST) was implemented in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>. The move has been subject to a mixed bag of reactions. Yesterday, to allay at least some of the concerns in the market, the <keyword id="6355040" type="UNKNOWN" weightage="20" keywordseo="GST-Council">GST council</keyword> unveiled a <a href="https://www.firstpost.com/business/govt-proposes-46-amendments-to-gst-laws-employers-may-soon-get-to-claim-input-tax-credit-on-food-transport-4704271.html">draft of changes</a> that they will be proposing at the upcoming session of Parliament on July 18. And it’s not just a couple of changes, but a total of 46 suggestions. Though most of the changes were primarily put forth by the GST council, a few proposals from the industry have been included as well. 
 <div type="image" title="Untitled-1-01" msid="64935766" hostid="261"></div>



 The primary ask from businesses in India was the transfer of cess credits, which was not present in this draft. But that being said, changes that are present include measures to provide relief to operations, including toning down some of the compliance norms. Business friendly changes may be employee friendly too Employers can now claim input tax compensation (ITC) for some pretty <a href="https://timesofindia.indiatimes.com/business/india-business/government-proposes-changes-to-gst-law/articleshow/64925907.cms">basic transactions</a> that weren’t eligible earlier. For instance, life insurance and health services to employees can earn tax credits. Provided that insurance is mandated by law, employers will can now claim life insurance for security guards and cash van drivers. Even in states where health cover is a prerequisite for nurses, employers will be able to claim ITC. Currently, the issue is that employees themselves don’t opt for insurance because they can’t claim any <a href="https://economictimes.indiatimes.com/news/economy/policy/46-amendments-to-gst-law-on-anvil-employers-may-get-to-claim-itc-on-food-transport/articleshow/64920201.cms">compensation</a> against it. With the ITC mechanism, the cost of such expenses can be adjusted against future tax liability. That in turn, will be provide an incentive for banks and hospitals to incur such costs. Even late night drop facilities for women, as well as outsource creche facilities, will come under the ITC umbrella. This change would align the GST laws with labour laws, resulting in a more employee friendly environment. Disparity caused by the lack of the reverse charge mechanism (RCM) This particular recommendation has been stuck in the pipeline since the implementation of GST last year. The delay has caused a <a href="https://www.thehindubusinessline.com/economy/govt-plans-46-changes-in-explanations-to-gst-laws/article24373608.ece">disparity</a> between registered and unregistered dealers. Basically, the issue is that an unregistered dealer can’t issue an invoice of the good or services provided. Which is why, in turn, registered suppliers don’t want to buy from them since they won’t be able to claim any refund without proof of purchase. In the current scenario unregistered dealers, which form the unorganised sector of the economy, are <a href="https://www.financialexpress.com/opinion/reverse-charge-made-gst-more-complex-hit-smes-and-did-little-to-add-to-tax/1237974/">going out</a> of business. The problem lies within the fact that some suppliers are so small that their revenue generation is below the threshold that requires them to pay tax. Once RCM comes into play, registered dealers will be able to claim refunds against purchases made from unregistered entities, which should hopefully bring bring back into business. That being said, it doesn’t really result in any tax generation for the government. The underlying motive, at the end of the day, is no potential suppliers are left unregistered. More businesses under the composition scheme The <a href="https://www.moneycontrol.com/news/business/economy/gst-rules-set-to-get-easier-as-big-changes-in-laws-on-anvil-2689691.html">composition scheme</a> is basically a watered down version of the GST meant for small taxpayers. Currently, eligibility for this scheme is capped at Rs 1 crore, but the new version is proposing a hike to Rs 1.5 crore. The GST council’s even recommended bringing more services into the fold. Currently, it’s only the restaurant sector. Rather than approach it by industry, the proposal wants to include services based on the value they provide. If the business’ worth doesn’t exceed 10% of its turnover, or Rs 5 lakh, it will be eligible to apply for the composition scheme. This brings the service micro, small and medium enterprises (MSMEs) into the fold of the composition scheme. Considering that MSMEs contribute to 8% of the GDP and areInp responsible for 69% of employment, such a measure would liquidate more funds for growth. The proposals go in line with the World Bank’s suggestion that the GST needs to simplified and streamlined in order to be successful. That being said, while the changes are for the better, some of the key concerns with GST are still <a href="https://www.telegraphindia.com/business/compensation-key-to-gst-consensus-243718">neglected</a> like the pending compensation claims.

Here’s how the proposed changes to GST could affect businesses

<ul><li>Niti Aayog member Ramesh Chand thinks that there should only be two tax slabs under the good and services tax (GST).</li><li>Currently the GST has four tax rate slabs.</li><li>He also believes that the tax rate should be revised annually.</li></ul> Government think-tank Niti Aayog member Ramesh Chand on Wednesday made a case for only two slabs under the goods and service tax regime as against the multiple slabs currently, and said rates should be revised annually if required.
 The goods and services tax (GST), which replaced almost all the indirect taxes, came into force from July 1, 2017, and the rates on goods and services have been revised several times since then.
 Currently, there are four GST rate slabs -- 5 per cent, 12, per cent, 18 per cent and 28 per cent. Several items fall in exempt category or nil duty. Besides, cess is also levied on five goods.
 Talking to , Chand said that when a large taxation reforms like GST are brought in, there are always "teething problems" but soon they stabilise. He said most of the countries took long time for GST stabilisation.
 The Niti Aayog member, who looks after the agriculture sector, is also strictly against frequent changes in <keyword id="6360118" type="DEFINITION" weightage="20" keywordseo="gst-rates">GST rates</keyword> as it leads to problems. The all-powerful <keyword id="6355040" type="UNKNOWN" weightage="20" keywordseo="GST-Council">GST Council</keyword>, presided over by the Union finance minister and comprising state finance ministers, decides on rate for particular goods and services. Besides frequent demand for reduction in the rates on various goods and services, there has also been clamour for a slash in the number of tax slabs.
 "It has become tendency of every sector to ask for lower GST. I feel GST issues are much larger than asking for rates," Chand said.
 And, "we should not fiddle with rates or change rates frequently... We should not have many rates. Have only two rates," he said.
 Chand said the focus should be on steady increase in revenue collection from the new indirect tax regime rather than tinkering with rates. He prescribed that if at all rates need to be changed, it should be done annually.
 On demands of lower GST on process food, like dairy products, Chand, an agri economist, said the 5 per cent GST on such products is "very very reasonable".
 Chand said that while every sector is demanding lower rate, they should also understand governments need revenue to spend on development works. "We always ask from the government and forget to give back. This trend is not good. From where will the government get the money to spend for development," said Chand, who is also a member of the 15th Finance Commission.
 He said that in the agriculture sector alone, the central government is providing a subsidy of Rs 1.2 lakh crore and the states put together spend about Rs 1 lakh crore. See also: <a href="https://www.businessinsider.in/policy/news/electric-cycles-attract-5-gst-ordinary-cycles-12-in-india/articleshow/72936663.cms">Electric cycles attract 5% GST, ordinary cycles 12% in India</a> <a href="https://www.businessinsider.in/business/news/imf-calls-out-indias-growth-rate-which-did-not-translate-into-jobs/articleshow/72947797.cms">IMF calls out India's 'growth' rate which did not translate into jobs</a>

NITI Aayog member thinks that India should have only two GST slabs

New Delhi, Feb 4 () The government is planning to introduce lottery offers between Rs 10 lakh and Rs 1 crore under the GST to encourage customers to take bills while making purchases.
 Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said every bill under the goods and services tax (GST) regime will provide a chance to the customers to win a lottery and that would act as an incentive for them to pay the tax.
 "We have come with the new lottery system. Every bill under GST is supposed to be a price-winning lottery ticket. It will go for a draw and price are so high that people will say that by not saving 28 per cent, I have a chance of winning Rs 1 crore or Rs 10 lakh. It is a question of changing the consumer behaviour," Joseph said at an Assocham event here.
 As per the plan, the purchase bill would be uploaded on a portal and a draw would be held automatically and the winners would be informed.
 Under the four-tier GST, goods and services are taxed at 5, 12, 18 and 28 per cent. Besides, cess is levied on luxury, sin and demerit goods on top of the highest tax rate.
 The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, would vet the proposed lottery scheme.
 The Council would also decide on the minimum threshold for bills that would be included in the lottery. As per the plan, the money for the lottery would come from the consumer welfare fund, where the proceeds of anti-profiteering are transferred.
 To plug leakages in GST revenue, the government is considering various options in business-to-consumer deals, including lotteries and incentivising QR Code-based transactions.
 The government has constituted a committee of officers to suggest measures to augment GST revenue collections.
 The panel has been tasked to suggest systemic changes in GST, including checks and balances, to prevent misuse and measures to improve voluntary compliance.
 Also, it has been tasked to give inputs on measures for the expansion of the tax base.
 The committee, which made presentation before the GST Council on December 18, suggested pruning of exempt list for raising resources. JD HRS

Govt plans GST lottery offers of Rs 10 lakh-Rs 1 cr for encouraging customers to ask for bills

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> to head 35th edition of the <keyword id="3680839" type="PERSON" weightage="20" keywordseo="gst-council-meeting">GST council meeting</keyword>. </li><li><keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real estate</keyword> sector expecting the government to change the <keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> slab rate for cement </li></ul>With the 35th edition of GST council meeting beginning on June 21, the government is likely to take key decisions on reducing GST for electric cars, the revenue system of states, and the new return filing system. This will be the first meeting post general election in India. The real estate sector has high hopes from the first GST council meeting under the new government. At present, the GST rate slab for cement is 28% and the real estate sector is expecting their long-awaited demand of shifting it to the 18% slab. “By bringing the GST rate for cement into the 18% slab, the Government indirectly helps create more construction and development-related jobs, not only in the <keyword id="35061" type="DOMAIN" weightage="20" keywordseo="housing">housing</keyword> sector but also in the infrastructure industry. However, a reduced GST rate on construction materials like cement and steel would also result in increased financial strain in terms of overall revenue loss - perhaps not an ideal circumstance in a period of constrained economic growth,” said Anuj Puri, Chairman, ANAROCK Property Consultations Will homes get any cheaper? Even if the inputs costs of real estate sector do come down, experts wonder if they will actually aid the homebuyer. “This depends on whether the benefits of the reduced cost of raw materials is actually passed on to the consumers. It brings to mind a similar question related to home loan rates vis-a-vis RBI's announcement of repo rate reductions. The actual transmission of such reductions to home loan borrowers has been minimal, even though the RBI lowered its repo rates three consecutive times,” Puri said. Last year, cement rates actually come down on account of surplus production, but the rate cut in residential housing was never seen. However, there could be certain indirect benefits. Decrease in input costs will boost the supply pipeline, which can keep prices in check. The government’s dilemma There are many sectors other than real estate which are seeking possible change in GST slabs. The auto sector too is seeking relaxation as its sales are falling, by as much as 21% in May. This has led to a crisis in the sector where dealers <a href="https://www.businessinsider.in/passenger-car-sales-decline-sharply-in-april-on-back-of-low-demand/articleshow/69317716.cms">are shutting shops </a>and automakers are cutting production. As the GDP growth has fallen beyond expectations, the government might work on providing a stimulus to the sector. However, its tax revenues have also been falling, which means how much it can help the economy might come under question.

India's real estate developers want lower GST on cement-- but that is not going to make apartments cheaper

New Delhi, Dec 18 () Most of the states opposed change in slabs or hike in GST during the crucial GST Council meeting on Wednesday arguing an increase in the levies would have adverse implication for the economy facing slowdown, said sources.
 The GST Council, comprising state finance ministers and headed by Finance Minister Nirmala Sitharaman, is the highest decision-making body on the indirect tax rates.
 As consensus eluded, the Council for the first time exercised the option of voting to decide on the GST rate on lottery as the economy is in downturn.
 State finance ministers also expressed concern over a decline in revenue collection and delay in payment of GST compensation.
 Sources said state ministers pointed out that moderation in revenue collection through GST was due to economic slowdown and not because of lower GST rate.
 "The rate enhancement or slab change at the moment would be a knee-jerk reaction. States were of the view that first plug all the loopholes that are there in the system and improve compliance", Delhi Deputy Chief Minister Manish Sisodia said coming out from the 38th GST Council meeting here.
 A committee of officials on revenue augmentation has submitted report which has suggestions with regard to slab change and rate enhancement.
 During the pre-Budget consultation with the Union finance minister, West Bengal Finance Minister Amit Mitra said states pointed out that social expenditure is coming down phenomenally.
 "The upcoming Budget cannot have social expenditure decline which is like punishing the common people. Stagflation is knocking at our door and we are concerned that next Budget will not be able to address it," Mitra said.
 He further said it appears from the Centre's presentation during the meeting that by February next year, there will be no money with the Centre to pay compensation
 Punjab Finance Minister Manpreet Singh Badal said the key concern as far as the states are concerned was whether they would be getting compensation at time.
 He said they were aware that revenue position was grim but "were not aware" that it was grim to an extent where the Union finance minister could not give an assurance in the Council whether states would be paid on time or not.
 "As far as I am concerned, I think it is just close to a sovereign default where the Government of India is unable to pay its constitutional obligation. It is a sad day," he said.
 Badal, however, added that it was not situation to get into panic mode.
 "Things can be fixed. I want to say they need to be fixed quickly," he said.
 Addressing media after five-hour long meeting, Sitharaman said the presentation made was based on discussions in the committee of officers of state and the Centre on revenue augmentation.
 "They have just come up with one first shot of data since the time GST has been implemented till today and based on different options of if the growth rate is this or if the growth rate to something else, how will it be and gave a first picture and the Council and the ministers agreed that on this, they have mull over for some time and then come back," she said.
 So, this was the first presentation, which is a preliminary presentation, with the no indirect or direct suggestion, on rate increase or rate reduction, she said.
 Sitharaman also said the additional information that they have asked all put together in the next meeting, there will be a detailed discussion. "So, first thing was this presentation of the committee of secretaries officers did not suggest, directly or indirectly increase or decrease as a proposal."
 "It was matter of fact presentation of data and data alone. And based on that some projection on revenue collection and on compensation cess collection. And that's about it. I hope that's clear," she added. DP NKD CS HRS

GST Council meet: Most states were opposed to change in slabs, hike in GST

Following uproar in the Parliament over <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> on <keyword id="72247" type="General" weightage="20" keywordseo="Food-items" source="Orion">food items</keyword>, <keyword id="309842" type="General" weightage="50" keywordseo="union-finance" source="Orion">Union Finance</keyword> Minister <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Tuesday defended the imposition of 5 per cent GST on food articles such as cereals, rice, flour and curd, which are pre-packaged and labelled, saying that it was a unanimous decision of the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST Council</keyword> last month in which even non-BJP ruled states were present. The <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister released a list of items that will not attract any GST, when sold loose, and not pre-packed or pre-labeled. In a series of tweets, she said: "Recently, the GST Council in its 47th meeting recommended to reconsider the approach for imposition of GST on specified food items like pulses, cereals, flour, etc. There have been a lot of misconceptions about this that have been spread. Here is a thread to lay the facts." "Is this the first time such food articles are being taxed? No. States were collecting significant revenue from foodgrain in the pre-GST regime. Punjab alone collected more Rs 2,000 cr on food grain by way of purchase tax. UP collected Rs 700 cr," she said. "Taking this into account, when GST was rolled out, a GST rate of 5% was made applicable on BRANDED cereals, pulses, flour. Later this was amended to tax only such items which were sold under REGISTERED brand or brand on which enforceable right was not foregone by supplier," the FM said. "However, soon rampant misuse of this provision was observed by reputed manufacturers &amp; brand owners and gradually GST revenue from these items fell significantly. This was RESENTED by suppliers and industry associations who were paying taxes on branded goods. They wrote to the Govt to impose GST uniformly on all packaged commodities to stop such misuse. This rampant evasion in tax was also observed by States." "The Fitment Committee - consisting of officers from Rajasthan, West Bengal, <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, Bihar, Uttar Pradesh, Karnataka, Maharashtra, Haryana, and Gujarat - had also examined this issue over SEVERAL meetings and made its recommendations for changing the modalities to curb misuse. "It is in this context that the GST Council in its 47th meeting took the decision. With effect from July 18, 2022, only the modalities of imposition of GST on these goods was changed with no change in coverage of GST except 2-3 items," said the minister. "It has been prescribed that GST on these goods shall apply when supplied in 'pre-packaged and labelled' commodities attracting the provisions of Legal Metrology Act." "For example, items like pulses, cereals like rice, wheat, and flour, etc, earlier attracted GST @ 5% when branded and packed in unit container. From 18.7.2022, these items would attract GST when 'pre-packaged and labeled'," <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> tweeted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-new-electric-scooter-debuted-today/articleshow/92985192.cms">Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/two-months-four-airlines-and-14-air-safety-incidents-dgca-says-safety-paramount/articleshow/92983985.cms">Two months, four airlines and 14 air safety incidents — DGCA says 'safety paramount'</a>

Food items when sold loose won't attract any GST, says Nirmala Sitharaman

The <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword> at a meeting today broadly agreed on the contours of two key legislations - CGST and IGST - but a final approval is likely only by mid-March, according to news agencies. 
 Union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> met with his state counterparts today and discussed the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> legislation to be adopted by Union Territories, but there was no discussion with regard to the State GST Bill. 
 "It (GST) looks on track. Subject to <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> approval, it looks like the possible date of implementation of GST is July 1," <keyword id="6390789" type="COMPANY" weightage="20" keywordseo="Jaitley">Jaitley</keyword> said after the 11th GST <keyword id="51646" type="COMPANY" weightage="20" keywordseo="Council">Council</keyword> meet. 
 "As many as 26 changes sought by the states have been accepted by the Centre. This shows the federalist character of India. CGST and IGST will come up for further discussion at the next meeting of the Council in mid-March," <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword> <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister <keyword id="107244" type="PERSON" weightage="20" keywordseo="Amit-Mitra">Amit Mitra</keyword> said. 
 <keyword id="2481" type="PERSON" weightage="20" keywordseo="Mitra">Mitra</keyword> further said both the Centre and states have agreed to provide a composition scheme to dhabas and small restaurants. 
 
"States were seeking that dhabas and small restaurants can adopt the composite scheme. The Centre has agreed to that and now these small businesses will pay 5 per cent tax (to be shared equally between the Centre and states)," Mitra said. 
 Delhi Deputy Chief Minister <keyword id="6354681" type="UNKNOWN" weightage="20" keywordseo="Manish-Sisodia">Manish Sisodia</keyword> said the central GST and integrated GST legislations have been broadly agreed upon at the Council meeting today. 
 "Real estate should be brought under GST. Everybody knows that a lot of blackmoney finds its way into real estate and bringing real estate under GST will help in curbing black money," <keyword id="6356536" type="PERSON" weightage="20" keywordseo="sisodia">Sisodia</keyword> said. 
 <keyword id="4251044" type="UNKNOWN" weightage="20" keywordseo="jammu-kashmir-finance">Jammu &amp; Kashmir Finance</keyword> Minister <keyword id="97187" type="PERSON" weightage="20" keywordseo="Haseeb-Drabu">Haseeb Drabu</keyword> felt that "some minor editorial changes" are required in the legislations and they have to be sent to the legal department again. 
 
Mitra further said IGST, which relates to taxation of inter-state transfer of goods, the legislation will provide for cross empowerment of state and central officers. 
 
"It has been agreed that there will be cross empowerment of states. Also, we did not want this as a notification, we wanted in the Act so that never in future can another council come and say states won't have power," Mitra stressed.

You Searched For "change to gst" and got 11 results

How are the new GST changes going to impact you?

Business Insider India

SIMPLY PUT: How will the GST council’s tax changes affect family budgets?

SIMPLY PUT: How will the GST council’s tax changes affect family budgets?

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No possibility of any change in GST slabs, rates until revenue stabilises: Sushil Modi

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Here’s how the proposed changes to GST could affect businesses

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NITI Aayog member thinks that India should have only two GST slabs

PTI

Govt plans GST lottery offers of Rs 10 lakh-Rs 1 cr for encouraging customers to ask for bills

PTI

India's real estate developers want lower GST on cement-- but that is not going to make apartments cheaper

BI India Bureau

GST Council meet: Most states were opposed to change in slabs, hike in GST

PTI

Food items when sold loose won't attract any GST, says Nirmala Sitharaman

IANS

Finally! GST confirmed for July rollout

BI India Bureau

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