Once again there are signs of rising inflation. Everything, including edible oils, spices, tea, coffee, sugar, sweets, and life-saving drugs like insulin, can be costly. The GST Council may consider increasing the minimum rate of Goods and Services Tax (GST) from 5% to 8% in the 47th meeting to be held.
It is also possible to truncate the list of exempted products in the GST regime to increase revenue and eliminate the dependence of states on the Center for compensation. According to sources, a group of state finance ministers (GOM) is likely to submit its report to the council by the end of this month. It may suggest several steps like raising the lowest tax slab and rationalizing the slab.
Presently there are four rates in the tax slab of GST – 5%, 12%, 18%, and 28%. Essential commodities are exempt from this tax or are kept in the lowest slab. Luxury items are kept in the highest tax slab. According to sources, the GoM may propose to increase the minimum rate of tax from 5% to 8%.
Items and services falling at the lower rate of 5% of GST
key items
Edible Oil, Spices, Tea, Coffee, Sugar, Sweets, Cashew
Life-saving drugs and medicines like insulin, coins-medals, ice
Walking Stick, Accessories for the Handicapped, Appliances
Biogas, Fertilizers, Incense sticks
Coal, Fly Ash Blocks, Marble Debris, Matings, Coir Mats, and Floor Coverings
Wind-Based Flour Mill or Wind Mill, Natural Cork
Motor cab rental without fuel cost
Transport services by AC vehicles, radio taxis
aircraft leasing
Pilgrimage scheduled transport or travel by air (also chartered flight)
Tour Operator Services.
print media advertising space
employment in newspaper printing
Shipping goods out of the country.
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