.jpg "Record High GST Collections Reach ₹2.10 Lakh Crore in April 2024")
Estimated reading time: 3 minutes
Changes in Goods and Services Tax (GST) rates, covering both goods and services. It provides an overview of the amendments and recommendations made by the government to enhance transparency, simplify compliance, and promote trade-friendly measures. The article delves into specific adjustments, including rate reductions, exemptions, clarifications, and recommendations, aiming to create a more efficient and business-friendly taxation system.
Recommendations Relating to GST Rates on Goods:
- Reduction in GST rate on uncooked/unfried snack pellets:
- The rate of uncooked/unfried snack pellets is reduced to 5%.
- Regularization of GST payment on uncooked/unfried snack pellets for the past period is implemented “as is basis.”
Other Changes Relating to Goods:
- Exemption of IGST on imported Dinutuximab (Quarziba) medicine for personal use.
- Exemption of IGST on medicines and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases enlisted under the National Policy for Rare Diseases, 2021, for personal use.
- Resolving the taxability concerns surrounding the supply of raw cotton, including kala cotton, from agriculturists to cooperatives under the reverse charge mechanism.
- Reduction of GST rate on imitation zari thread or yarn from 12% to 5%.
- Amendment in compensation cess notification to include utility vehicles meeting specific parameters.
- Reduction of GST rate on LD slag from 18% to 5% for environmental protection and better utilization.
- Regularization of trauma, spine, and arthroplasty implants’ GST matters for the period prior to 18.07.2022 on an “as-is basis.”
- The GST rate on fish-soluble paste has been reduced from 18% to 5%, providing significant relief to consumers and promoting the affordability of this product.
- Regularization of GST issues related to desiccated coconut for the period 1.7.2017 to 27.7.2017 on an “as-is basis.”
- Notification of earlier ad valorem rate on pan masala and tobacco products for levy of Compensation Cess.
- Inclusion of RBL Bank and ICBC Bank in the list of specified banks eligible for IGST exemption on gold, silver, or platinum imports.
- Consequent adjustments in notifications aligned with the revised guidelines of the new Foreign Trade Policy 2023.
- Regularization of GST issues related to plates and cups made of areca leaves prior to 01.10.2019.
- Regularization of GST issues related to biomass briquettes for the period 01.7.2017 to 12.10.2017.
Changes in GST Rates on Services
Recommendations Relating to GST Rates on Services:
Extension of GST exemption on satellite launch services to private sector organizations, including start-ups, to encourage innovation.
Other Changes Relating to Services:
- Simplification of GST compliance for Goods Transport Agencies (GTAs), including the option to pay GST under forward charge and revised deadlines for exercising the option.
- Clarification on the taxation of services supplied by a director of a company in his private or personal capacity.
- Clarification on the taxation of food and beverages supplied in cinema halls.
- The Group of Ministers (GoM) on Casinos, Race Courses, and Online Gaming has put forward recommendations regarding these sectors
The comprehensive changes in GST tax rates showcased in this article aim to streamline the taxation system, enhance transparency, and facilitate trade across various sectors. These amendments and recommendations provide clarity on the taxation of goods and services, ensuring compliance and promoting a more efficient and business-friendly environment.
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