 "GST")
The 50th GST Council meeting is scheduled to take place on July 11. Ahead of the meet, Shrimi Choudhary looks at some of the revisions in rates that may take place and the issues that have been deferred by the fitment panel.
GST Council to consider…
1. Proposed tax revision
18% to nil/5% and regularisation for
past periods: Uncooked/unfried snack
12% IGST to nil: Cancer medicine (Quarziba):
5%/12% IGST to nil: Medicine/food for special needs
12% to 5%: Imitation Zari thread
18% to 5%: LD slag (recyclable waste)
18% to 5% with retrospective effect:
Fish soluble paste
2. Status quo on proposed tax revision
12% or 18% to 5%: Sports goods/fitness products:
28% to 5% & 12% (Two-and four-wheeler):
Flexi-fuel vehicle
5% to nil: Agro-based biomass pellets
Nil to 5%: De-oiled rice bran
12% to 5%: Bio fertilisers
18% to nil/1%: Avgas (type of aviation fuel)
18% to 5%: Apple cartons
3. Deferment of proposed terms
Tax treatment of millet-based products
Khari/cream roll to come under toasted products
Scope of sugar-boiled confectionaries
Levy on steel scrap on reverse charge mechanism basis
4. Clarity related to services
To exempt GST on private-owned satellite launch service
To clarify whether supply of food and beverages at cinemas is taxable as restaurant service
