New Delhi3 days ago
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Tax rates can be changed in the GST Council meeting to be held in December. According to media reports, the Group of Ministers (GoM) formed to simplify the GST structure has increased the tax rate on tobacco and all tobacco products, aerated beverages (soda drink-cold drink) etc. from the existing 28% to 35%. It is recommended to do so.
Recommendation to increase GST on luxury items also GoM has recommended changes in the rates of a total of 148 items. There is 5% GST on readymade garments up to Rs 1,500, while 18% GST on readymade garments ranging from Rs 1,500 to Rs 10,000 and 18% GST on readymade garments above Rs 10,000. There is talk of imposing GST up to 28%.
GOM has also recommended increasing GST on many luxury items including leather bags, cosmetics. It is recommended to make everyday and common consumption items cheaper.
Suggestion to reduce 13% GST on water bottles
- Bicycle: Suggestion to reduce GST from 12% to 5% on bicycles costing more than Rs 10,000.
- Water Bottle: Suggestion to reduce GST on 20 liter water bottle from 18% to 5%.
- Exercise Notebook: Suggestion to reduce GST on exercise notebooks for children from 12% to 5%.
- Wrist Watch: Suggestion to increase GST on wrist watches costing more than Rs 25,000 from 18% to 28%.
- Shoes: Suggestion to increase GST on shoes costing more than Rs 15,000 from 18% to 28%.
Now the GST Council will take the final decision on the recommendations of the Group of Ministers. Now the GST Council will take the final decision on the recommendations of the Group of Ministers. The convenor of the 13-member Group of Ministers is Bihar Deputy Chief Minister Samrat Chaudhary. Let us tell you that the Group of Ministers includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana.
GST Council meeting to be held on 21st December The 55th meeting of the GST Council will be held on December 21, 2024 in Jaisalmer, Rajasthan. The council, in its last meeting on September 9, had asked the GoM to submit a report on imposing GST on insurance.
Last month, a GoM meeting was held regarding imposition of GST on health and life insurance products. In such a situation, it is believed that in this meeting a big decision can also be taken regarding GST on health insurance and term life insurance.
Government collected ₹1.82 lakh crore from GST in NovemberThe government has collected Rs 1.82 lakh crore from Goods and Services Tax, i.e. GST, in November 2024. There has been an increase of 8.5% on annual basis. A year ago i.e. in November 2023, the government had collected Rs 1.68 lakh crore GST. At the same time, so far in this financial year i.e. 2024-25, Rs 14.56 lakh crore has come from GST.
