GST Council rejected the proposal to change the rate of 113 things! Rates of some selected items will change

In the next week’s meeting of the GST Council, the tax rates of some selected items are going to be changed, which has been recommended by the fitment panel. According to the information received, the demand for changing the Goods and Services Tax (GST) rates on 113 items has been turned down.

Live Mint has written that the rates of only a few things will change. The online business site claimed to have reviewed the agenda document of the meeting. The 113 items whose rates have been suggested include jaggery, syrup-cut fruits and vegetables, walnuts, medical equipment, imitation zari, rooftop solar panels, and handlooms.

What about cut and polished diamonds?

Let us inform that after December 31, now the first meeting of the GST Council will be held in Chandigarh on June 28-29.
The fitment panel had suggested raising the cut and polished diamonds from 0.25 per cent to 1.5 per cent, but left the final decision to the Group of Ministers (GoM). The rate fitment panel of central and state officials has argued that low rates on cut and polished diamonds are hindering input tax credit (ITC) for the gems and jewelery industry.

Suggestion to reduce from 12 percent to 5 percent on these things

The fitment panel has proposed to reduce the GST rates on ostomy devices from the existing 12% to 5%, including waterproof pouches to collect waste from the body, to be used by patients suffering from ulcerative colitis, Crohn’s disease, diverticulitis, etc.

It has also recommended a uniform rate of 5 per cent for orthopedic implants (trauma, spine and arthroplasty implants in the body), orthoses (splints, braces, belts and calipers) and prostheses. The fitment panel noted that the GST rate of 5% for certain items and 12 percent for the rest creates confusion.

Leave a Comment

Your email address will not be published. Required fields are marked *