Full list of items to be costlier and cheaper after GST Council meet

From approving GST Appellate tribunal formation to the clearance of pending GST compensation, Union Finance Minister Nirmala Sitharaman made key announcements in the GST council meeting on Saturday. She announced that the government will clear the entire pending balance of GST compensation worth??16,982 crore for June. In addition, several key tax cuts and implementations were made on certain goods and services.

The government also gave nod to the formation of GST Appellate Tribunal in the GST Council Meet. It will help in bringing down the huge number of pending cases for resolution. Several tax cuts and implementation of new charges will also have a direct impact on consumers and industry stakeholders. Know about the key things that will be costlier and cheaper after the GST tax changes announced by the Finance Minister?Nirmala Sitharaman?in the meeting.

Key things to get cheap after GST Council Meet

-Liquid Jaggery

-Pencil sharpeners

-Data loggers

- Coal rejects

- Entrance exam fee of educational institutions (Conducted by NTA)

-Government is expected to announced subsidy and tax exemption on millet.

Things to be costlier

-Court service

-Pan Masala

-Gutkha

-Chewing tobacco

In addition to the above-mentioned items, GST council is also expected to make decision on taxation on online gaming, horse racing, casinos, etc.?GST rate on liquid jaggery (Raab) will be reduced from 18% to nil or 5%. GST rate will be nill if it's sold lose Adding on, she said that GST rate will be nil if it is loose, while 5% will be charged if it's pre-packaged and labelled. There will be GST exemption for services provided by National Testing Agency for conducting entrance examinations. There are also exemptions on coal rejects and data loggers. GST on data loggers is reduced to nil from 18%.

The government has implemented tax on services provided by courts and tribunals. Hence, people can expect to pay extra bucks on availing the service. There will also be rationalisation of the late fee paid during delay in filing annual returns.

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