GST Council Meet: Tax Rates revision approved

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GST Council Meet: Tax Rates revision approved

Following are the key decisions on GST Tax Rates: 

* Tax @ 18% on cheques, lose or in book form

* Witdrawal of exemption on services by department of posts except post cards, envelopes less than 10 gm

* Increase in GST on e-waste from 5% to 18%

* Withdrawal of  exemption to services provided by RBI, Sebi, IRDAI, FSSAI

* Hotel accommodation below Rs 1,000 be taxed at 12%

* Withdrawal on GST exemption on storage and warehousing of taxable goods like sugar, natural fiber

* Withdrawal of exemption on services like fumigation of warehouses

* Withdrawal of exemption to business class air travel for northeastern states

* Withdrawal of exemptions on road and rail transport, when such services are input for business

* Withdrawal of exemption on services by way of slaughtering of animals

* Input tax credit Refund on account of inverted duty structure in edible oils, coal disallowed.

* GST Council approves to replace the term ‘branded’ with ‘pre packaged and labelled’ for retail sale to avoid disputes. (Branded cereals, food attract 5% GST currently)

* Exemption for food items, cereals sold loose or unlabeled continued.

* Tax increased LED lamps, ink, knives, blades, power driven pumps, dairy machinery from 12% to 18%

* Tax increased on milling machinery for cereals from 5% to 18%

* Tax increased on solar water heater, finished leather from 5% to 12%

* Tax increased on work contract services supplied to govt, local authorities to 18% to correct inversion

* Tax increased on specified goods for petroleum from 5% to 12% on input goods to correct inversion

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