50th GST Council meeting: On 11th July, the 50th Goods and Services Tax (GST) Council meeting held by Union Finance Minister Nirmala Sitharaman. The council made a number of changes in the existing GST slabs for various goods and services. Here is a detailed list of all the items that become costlier and cheaper after the crucial meeting.
Also Read: Full details of 50th GST Council Meeting: Read here
Items which are costlier after 50th GST Council Meet
- Automobiles are taxed at 28 per cent GST, with additional cess ranging from 1 per cent to 22 per cent depending on the type of vehicle. SUVs attract the highest GST at the rate of 28 per cent along with a compensation cess at 22 per cent. The SUV definition will include only the length (4 meters and above), engine capacity (1,500 cc and more), and ground clearance (unladed clearance of 170 mm and more), she said.
- 28% of GST will be levied on total value of online gaming, horse racing, casinos: FM Sitharaman after GST Council meeting.
For Daily Tax Tips and Information, Join Tax Solution Subscription
Also Read: GSTN: More GST related data may be made public
Items which are cheaper after 50th GST Council Meet
- Reduction of GST in imitation of Zari thread from 12% to 5%.
- Reduction of GST in fish soluble paste from 18% to 5%
- Reduction of GST in uncooked and unfried snack pellets from 18% to 5%
- Reduction of GST on LD slag from 18% to 5%.
- GST Council exempts cancer fighting drugs, medicines for rare diseases from GST tax
- GST Council exempts GST satellite launch services by private operators.
For Daily Tax Tips and Information, Join Tax Solution Subscription
Also Read: 10 GST changes suggested to CBIC Members by tax associations
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925
