Dear readers, here we are offering the 47th GST Council Meeting Press Release PDF to all of you. The two-day 47th meeting (28 June 2022 to 29 June 2022) of the GST Council has ended in Deogarh. Representatives of states and union territories were present in the meeting chaired by Union Finance Minister Nirmala Sitharaman. During this, many important issues were discussed and many important decisions were also taken, about which it is important for you to know.
After the meeting, the Finance Minister held a press conference and made announcements. He said that four recommendations of the GoM were discussed. On the second day of the meeting, all the states demanded an extension of the deadline for GST compensation.
But after the meeting, the Finance Minister said in the press conference that at present no decision has been taken on increasing the GST compensation of the states. Puducherry Finance Minister K Lakshminarayanan said that all states have sought expansion of the compensation mechanism, but no decision has been taken.
47th GST Council Meeting Press Release PDF – Correction of Inverted tax structure
| Description of goods or services | Old Rate | New Rate |
|---|---|---|
| Solar water heaters and systems | 5% | 12% |
| Prepared or finished leather or chamois leather or composition leathers | 5% | 12% |
| Job work for processing of hides, skins, leather, making of leather products including footwear, and clay brick manufacturing | 5% | 12% |
| Earthwork works contracts and sub-contracts to the Central and state governments, Union Territories and local authorities | 5% | 12% |
| Pawan Chakki being air-based atta chakki, wet grinder, cleaning, sorting or grading machines for seeds and grain pulses, and milling machines or cereal making machines, etc; | 5% | 18% |
| Ink for drawing, printing, and writing | 12% | 18% |
| Knives with paper knives, cutting blades, pencil sharpeners and its blades, skimmers, cake-servers, spoons, forks, ladles, etc | 12% | 18% |
| Centrifugal pumps, submersible pumps deep tube-well turbine pumps, bicycle pumps that are power-driven mainly for handling water | 12% | 18% |
| Milking machines and dairy machinery, cleaning, sorting or grading machines and its parts for eggs, fruit or other agri produce | 12% | 18% |
| Lights and fixture, LED lamps, their metal printed circuits board | 12% | 18% |
| Marking out and drawing instruments | 12% | 18% |
| Services by foreman to chit fund | 12% | 18% |
| Works contract for railways, metro, roads, bridges, effluent treatment plant, crematorium, etc. | 12% | 18% |
| Works contract and sub-contract to the Central and state governments, local authorities for canals, dams, pipelines, plants for water supply, historical monuments, educational institutions, hospitals, etc | 12% | 18% |
| Refund of accumulated ITC for edible oils and coal is disallowed. | ||
| *The rates will come into effect from 18th July 2022 subject to CBIC notification | ||
GST rate hikes and cuts
| Description of goods or services | Old Rate | New Rate |
|---|---|---|
| What’s costlier | ||
| Cut and Polished diamonds | 0.25% | 1.50% |
| Tetra Pack (Aseptic Packaging Paper) | 12% | 18% |
| Tar (From coal, or coal gasification plants, or producer gas plants and coke oven plants) | 5%/18% | 18% |
| What’s cheaper | ||
| Import of tablets called Diethylcarbamazine (DEC) free of cost for National Filariasis Elimination Programme (IGST) | 5% | Nil |
| Import of particular defence items by private businesses or suppliers for end-consumption of Defence (IGST) | Applicable rates | Nil |
| Ostomy Appliances | 12% | 5% |
| Orthopedic appliances such as intraocular lens, artificial parts of the body, splints and other fracture appliances, other appliances which are worn or carried, or body implants, to compensate for a defect or disability | 12% | 5% |
| Transport of goods and passengers by ropeways (with ITC of services) | 18% | 5% |
| Renting of truck or goods carriage including the fuel cost | 18% | 12% |
| *The rates will come into effect from 18th July 2022 subject to CBIC notification | ||
Pruning of GST exemptions
| Description of goods or services | Old Rate | New Rate |
|---|---|---|
| Earlier fully exempted, now withdrawn | ||
| Maps and hydrographic or similar charts of all kinds, including atlases, wall maps, topographical plans and globes, printed | Nil | 12% |
| Cheques, lose or in book form | Nil | 18% |
| Parts of goods of heading 8801 | Nil | 18% |
| Air transportation of passengers to and from north-eastern states and Bagdogra now restricted to economy class | Nil | Condition added |
| Transportation by rail or a vessel of railway equipment and material, storage or warehousing of commodities attracting tax such as copra, nuts, spices, jaggery, cotton, etc, fumigation in a warehouse of agri produce, services by RBI, IRDA, SEBI, FSSAI, and GSTN, renting of residential dwelling to GST-registered businesses, and services by the cord blood banks for preserving stem cells | Nil | Applicable rate |
| Room rent (excluding ICU) exceeding Rs.5,000 per patient day taxed without ITC | Nil | 5% |
| Common bio-medical waste treatment facilities for treating or disposing biomedical waste shall be taxed with availability of ITC, like CETPs | Nil | 12% |
| Hotel accommodation priced up to Rs.1,000 per day | Nil | 12% |
| Training or coaching in recreational activities on arts or culture, or sports other than by individuals | Nil | Applicable rate |
| Earlier partially exempted, now withdrawn | ||
| Petroleum/ Coal bed methane | 5% | 12% |
| e-Waste | 5% | 18% |
| Scientific and technical instruments to public funded research institutes | 5% | Applicable rate |
| *The rates will come into effect from 18th July 2022 subject to CBIC notification | ||
47th GST Council Meeting Press Release PDF – Other Expectations
- Clarity regarding the ITC refund to duty-free stores.
- Waiver from March 1, 2020, to February 28, 2022 deadlines for refund applications under GST.
- Further extension of the GSTR-4 filing deadline for FY 2021–22 to July 28, 2022, from June 30, 2022.
- Extension of the CMP-08 filing deadline from July 18 to July 30 for June 30, 2022.
- States may demand a minimum 2 to a 3-year extension of the compensation timeframe.
- The GST Council may present a thorough report on the National Anti-Profiteering Authority (NAA) and the current open cases for further consideration.
- The Center and states may be given the authority to issue show-cause notices, and the GST Council may also consider the compliance difficulties that e-commerce sellers face.
- Approval of an additional e-invoice portal or Invoice Registration Portal (IRP).
- Proposal to introduce a new margin scheme for tour and hospitality industry.
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