The schedule for the GST Council meeting has been revealed. This gathering is scheduled for 21 December in Jaisalmer. Numerous significant choices and crucial alterations may occur during this meeting. It is thought that the costs of tobacco and cigarettes might rise.
Concurrently, certain common goods might see a decrease in price. Additionally, a choice may be made concerning exemption from GST for health and life insurance. This GST meeting will take place under the leadership of Finance Minister Nirmala Sitharaman. A key decision in this meeting is that the GST on tobacco and cigarettes may be raised. This isn’t the first instance of an increase in GST on cigarettes and tobacco.
Previously, government has also levied taxes on cigarettes and tobacco
Previously, the government has also levied taxes on cigarettes and tobacco. The Group of Ministers focused on rationalizing GST rates has suggested raising the tax on tobacco and cigarette-related items from the existing 28% to 35%. This choice might be a part of an initiative to boost revenue collection. The Group of Ministers, led by Bihar Deputy Chief Minister Samrat Choudhary, convened on Monday to determine the rate.
A special rate of 35% on tobacco has been agreed to be proposed. To achieve this, the current four-tier tax system of 5%, 12%, 18%, and 28% will stay in place. This will additionally feature the new 35% rate.
GST may be lowered on these.
1. Packaged drinking water (20 litres and more): GST to be lowered from 18% to 5%.
2. The GST on bicycles costing under Rs 10,000 will decrease from 12% to 5%.
3. Notebook: The GST needs to be lowered from 12% to 5%.
4. Footwear costing more than Rs 15,000 per pair: GST raised from 18% to 28%.
5. Wrist watches priced over Rs 25,000: GST has risen from 18% to 28%.