47th GST Council recommends change of rates on goods and services - (29 Jun 2022)
Goods and Services Tax
The 47th GST Council met under the Chairmanship of Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States and UTs and senior officers of the Ministry of Finance & States/ UTs. The rate changes recommended by the 47th GST Council will be made effective from 18th July, 2022.
As per the change in rates, now ink, lights, LED lamps and metal printed circuit board attracts 18% GST from 12%. GST Council clarifies that electric vehicles with or without battery pack attracts 5% GST. On solar water heaters and systems, GST has been increased from 5% to 12%. Petroleum and coal bed methane rates are increased from 5% to 12%. Electric vehicles whether or not fitted with a battery pack, are eligible for the concessional GST rate of 5%. The Council directed that the Group of Ministers on Casino, Race Course and Online Gaming re-examine the issues in its terms of reference based on further inputs from States and submit its report within a short duration.
GST Council proposes that comprehensive changes in FORM GSTR-3B to be placed in public domain. The Council has decided to constitute a Group of Ministers to address various concerns raised by the States in relation to constitution of GST Appellate Tribunal and make recommendations for appropriate amendments in CGST Act. GST Council waives GST registration requirements for small online sellers. GST late fee waived for delay in filing of GSTR-04 and CMP-08. GST Council exempts pandemic period from calculating limitation period for refund claims. GST Council exempts small taxpayers from filing GSTR-9 and 9A. GST Council proposes to amend rules to resolve pending IGST refund issues; E-Wallet Scheme to be removed.
Tags : COUNCIL MEET RECOMMENDATION RATES