Consumers may have to shell out more as several goods and services will cost higher from July 18 onwards with the Goods and Services Tax (GST) Council approving rate hike to address inverted duty structures and withdrawing some exemptions.
Read MoreSource: https://taxguru.in/goods-and-service-tax/faqs-gst-applicability-pre-packaged-labelled-goods-reg.html
The changes relating to GST rate, in pursuance of recommendations made by the GST Council in its 47th meeting, are coming into effect from the 18th of July, 2022. One such change is moving from imposition of GST on specified goods when bearing a registered brand or brand in respect of which an actionable claim or enforceable right in a court of law is available to imposition of GST on such goods when “pre-packaged and labelled”. .
Read MoreThe Goods and Services Tax (GST) will increase the cost of operating hospitals and clinics in the nation, the Indian Medical Association (IMA) told Finance Minister Nirmala Sitharaman.
Read MoreSource: https://taxguru.in/goods-and-service-tax/request-clarify-gst-aepre-packaged-labelledaegoods.html
Representation Letter to CBIC seeking clarification on GST on per-packaged labelled food items
Read MoreNEW DELHI : The government has notified several tax rate changes cleared by the Goods and Services Tax (GST) Council at its meeting last month which will take effect from Monday and has sought public comments on a revamp of the GST return form. The new rates notified include a 5% tax on services provided by clinical establishments by way of room other than intensive, critical care, intensive cardiac care and neonatal intensive care units where the rent levied is more than ₹5,000 a day.
Read MoreNew Delhi's wholesale and retail grain markets were shut down on July 16 as a result of a protest by business owners against the GST Council's decision to impose a 5% GST on pre-packaged and labelled food items. Due to the market bandh called by traders, wholesale grain markets in Narela, Bawana, and other areas of the city seemed desolate. The city's retail grain markets were all shut down.
Read MoreThe GST law is driven by the recommendations of the GST Council, which is a body having representation from both Central and State Governments, thus promoting uniformity in law, practice, tax processes and standardisation of reports or filings.
Read MoreThis would mean that any IPL franchise owner gifting complimentary tickets to its employees will have to cough up GST on the value. KPH Dream Cricket Private Ltd, which operates an IPL cricket team under the title Punjab Kings, had approached the Punjab bench of AAAR for clarity on the matter.
Read MoreThe draft, approved by the GST Council in its 47th meeting held last month, has incorporated many recommendations by the industry such as auto population of values and streamlining process of input tax credit and IGST settlement, and allowing negative values.
Read MoreGST rate hike: Be ready to spend more for household items, hotels, bank services, among others from next week. After the recommendations that were taken up in the two-day 47th GST Council meeting in Chandigarh on Wednesday, the Goods and Services Tax (GST) were hiked for numerous items.
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