The Union Finance Minister Nirmala Sitharaman addressed the media at the conclusion of the 47th GST Council meeting, which took place in Chandigarh on Wednesday afternoon. In this article, we will focus on the key highlights of the 47th GST Council Meeting, recommendation on GST rate on different goods and services.
The meeting was presided over by Smt. Nirmala Sitharaman in the presence of state ministers and the Minister of State for Finance, Shri Pankaj Chaudhary. After several months, a big meeting was conducted that covered a number of important topics, including changes to Form GSTR-3B, changes to rates and the elimination of exemptions, inversion adjustments, and IT-related measures.
Particulars |
New GST Rate in % |
contracts and subcontracts for earthwork projects with the federal, state, union territories, and local governments. |
12 |
Leather that has been prepared, polished, or made of composition. |
12 |
systems and heaters for solar water. |
12 |
Jobs in the processing of hides, skins, and leather, the manufacture of leather goods such footwear, and the production of clay bricks. |
12 |
Air-based atta chakki, a wet grinder, washing, sorting, or grading equipment for seeds and grain pulses, as well as milling or cereal-making equipment, are all examples of Pawan Chakki; |
18 |
machines for milking cows and other dairy products, as well as equipment for cleaning, grading, or sorting eggs, fruit, or other agricultural products. |
18 |
Water handling equipment includes centrifugal pumps, submersible pumps, deep tube-well turbine pumps, and power-driven bicycle pumps. |
18 |
Paper knives, cutting blades, pencil sharpeners and their blades, cake servers, spoons, forks, and ladles, among other items. |
18 |
For use in writing, printing, and drawing ink. |
18 |
Work contracts and subcontracts for canals, dams, pipelines, water supply plants, historical sites, educational institutions, hospitals, and other projects are made with the federal, state, and local governments as well as with local authorities. |
18 |
Foreman services provided to chit fund |
18 |
Tools for drawing and marking |
18 |
Contract for construction of roads, bridges, a crematorium, an effluent treatment facility, etc. |
18 |
LED lamps, lighting fixtures, and their metal printed circuit boards |
18 |
Refund of accumulated ITC (Input Tax Credit) for coal and food oils is not permitted. |
|
Read More: Recommendation of 47th GST Council Meeting
A suggestion for the GST Rate on various goods and services was made at the 47th GST Council meeting, and modifications to the GSTR 3 and 4 were made as well. The upcoming 48th GST Council meeting is scheduled to take place in Madurai, Tamil Nadu, during the first week of August 2022, the FM added. The creation of GST Appellate Tribunals and the establishing of the GST rate for gambling establishments, including online casinos, would be on the agenda based on the GoM’s (Group of Ministers) report.
I hope this article was helpful. Refer to the topics discussed in the 46th GST Council Meeting
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