Now you have to eat expensive things like curd and cheese, find out the decision to impose GST on some items

Following the instructions given by the finance ministers of the state, it has now been decided to levy GST on items like yoghurt, cheese, honey, meat and fish.

One more shock to the common man suffering from inflation

The common man suffering from inflation has felt one more shock. At the GST Council meeting, it was decided to levy Goods and Services Tax (GST) on canned and labeled branded items like yogurt, cheese, honey, meat and fish. Apart from this, GST will also have to be paid on the fees charged by banks for issuing checks.

These items will be subject to 5 per cent GST

The council on Tuesday accepted the recommendations of the Group of Ministers (GoM) on reviewing the exemption from GST on the first day of the two-day meeting. This exemption is currently available for packaged and labeled food items. Along with this, products like canned meat (except frozen), fish, yogurt, cheese, honey, dried beans, soybeans, peas, wheat and other grains, wheat flour, sorghum, jaggery, all commodities and organic fertilizers will now be subject to five per cent GST.

Hotel investment will also be expensive

Similarly, 18 per cent GST will be levied on the charges levied by banks on issuance of checks. Maps and charts, including atlases, will be subject to 12 per cent GST. At the same time, GST exemption on unbranded products sold in the open will continue. Apart from this, hotel rooms renting less than Rs 1,000 per day will be taxed at 12 per cent. There is currently no tax on it.

There may be a reduction in GST on some items

Rationalization of rates is important to increase the weighted average GST. The weighted average GST has come down from 14.4 per cent to 11.6 per cent at the time of implementation of this tax system. The GST Council recommended inverse duty structure (higher taxes on finished products than raw materials and intermediates) on a number of products, including edible oil, coal, LED lamps, ‘printing / drawing ink’, finished leather and solar electric heaters.

These matters will be considered today

The council on Wednesday may consider a demand to continue the compensation system even after June 2022 to compensate the states for the revenue loss. Apart from this, important issues like levying 28 per cent GST on casinos, online gaming and horse racing are likely to be discussed. Have been. The report of the finance ministers of the states on the reform of the GST system was also approved.