NEW DELHI: The 47th GST Council chaired by the union finance minister Nirmala Sitharaman is likely to discuss on Wednesday the demand for an extension to the compensation paid to states for revenue loss from their taxes such as sales tax (VAT) being subsumed into a national GST besides a 28 per cent tax on casinos, online gaming and horse racing.
Here are the items that will now attract GST: - Pre-packed and labelled food items such as meat, fish, curd, paneer and honey will now attract 5% GST
- An 18 per cent GST will be levied on fee charged by banks for the issue of cheques (loose or in book form)
- Maps and charts including atlases will attract a 12 per cent levy
- A 12 per cent tax on hotel rooms below Rs 1,000 per day will be levied, as against a tax exemption currently
Goods that are unpacked, unlabelled and unbranded will continue to remain exempt from GST.
The date of implementation of these recommendations has not been decided. The groups of ministers (GoMs) has recommended that GST exemption can continue on items of daily use including bread, hearing aids, incense sticks, utensils, tractors, and agri-related machinery.
The GST Council has also recommended a correction in the inverted duty structure for a host of items, including edible oil, coal, LED lamps, printing/drawing ink, finished leather and solar water heater.
(With inputs from PTI)
Stay informed with the latest Business News on Times of India. Explore the list of Bank Holidays, stay informed about Budget 2025, discover the new Income Tax Slabs, and use the Income Tax Calculator for hassle-free tax planning.
Unlock Investment Potential: Enroll in ET's Stock Valuation Workshop - Batch 3. Secure Your Spot Now!