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May 20, 2022
Looking for the updates of the 20th GST Council Meeting? Here are the most important ones.
- E-Way bill should be mandatory for movement of goods worth more than Rs. 50,000.
- The anti-profiteering mechanism will get a kick start by appointing state wise committees.
- Job work on the entire value chain in the textile sector to be taxed at 5%. Earlier some job work related to the textile sector was taxable at 18%.
- Rates on tractor parts brought down to 18% from 28%.
- Government work contracts like roads, bridges, canals, etc.,will now be taxable at 12% with credits. Earlier they were taxable at 18%.
- Commission payable to Fair Price Shop Dealers by Central/ State Governments will be charged to nil rate earlier it was taxable at 18%.
- GST rate on admission to planetarium would be reduced from 28% to 18%.
- Rent-a-cab service would also be allowed to pay 12% GST with full ITC.
- Goods Transport Agency Service (GTA) would also be allowed to pay 12% GST with full ITC under forward charge. (However, the GTA has to give an option at the beginning of the financial year).
- In the case of small house-keeping service providers (plumbers/carpenters) providing services through E-Commerce Operators, liability to pay GST would be placed on E-Commerce Operators.
Hope this article was helpful. Refer to the topics discussed in the 21th GST council meeting
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