GST Council Meet: Find What Gets Cheaper, What Gets Costlier?

As the 47th GST Council Meet concluded in Chandigarh, it is significant to find what items it has decided to bring under its ambit. The GST Council has taken the decision to impose a GST of 5% on pre-packed items that may include fish, meat, curd, paneer, and honey, as per a report in News18. Meanwhile, the unpacked items such as rice and wheat will also attract GST at 5% rate when they get packed.

The 2-day GST Council meeting began on June 28 in Chandigarh. It was presided over by Union Finance Minister Nirmala Sitharaman. Finance ministers of states and union territories including senior officers from the union government and states also attended the meeting in Chandigarh.

Below are the items that have become dearer after GST Rate revision

The penal on the first day of the two-day meeting gave nod to the GoM recommendation for reviewing the exemption from GST that packed and labelled food items presently get. Therefore, the pre-packed and labelled meet barring frozen, fish, paneer, curd, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, puffed rice, all goods and organic manure, and coir pith compost shall not be exempted from GST and these items will attract a 5% tax, added the News18 report.

It implies that the aforementioned items will now witness a surge in price. It will be a jolt to common men. Meanwhile, goods that are unpacked, unlabeled and unbranded will not come in the ambit of GST.

According to the News18 report, an 18% GST shall be imposed on fee charged by banks for issue of cheques (lose or in book form), as per GST Council decision.
The prices of LED Lights, LED Lamps, fixtures will also witness a price surge as the GST Council has recommended a correction in the inverted duty structure for 12% to 18%.