47th GST Council Meeting : Rate Rationalisation to remove Inverted duty structure
47th GST Council meeting chaired by Hon’ble Union Minister of Finance Nirmala Sitaraman has concluded today in Chandigarh which was attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Revenue Secretary Shri. Tarun Bajaj, Chairman of the CBIC Shri. Vivek Johri, Member of the CBIC Shri. D P Nagendra Kumar, Sandeep Kumar and Sanjay Agarwal and other senior officers from the Finance Ministry and the CBIC with Finance Ministers of States & UTs and Senior officers from Union Government & States.
As per Press release, The GST Council has made the following recommendations relating to Rate Rationalization to remove inverted duty structure:
|
S. No. |
Description |
From |
To |
|
GOODS |
|||
|
1. |
Printing,writingor drawing ink |
12% |
18% |
|
2. |
Knives with cutting blades, Paper knives, Pencil sharpeners and blades therefor, Spoons, forks, ladles, skimmers, cake-servers etc |
12% |
18% |
|
3. |
Power driven pumps primarily designed for handling water such as centrifugal pumps, deep tube-well turbine pumps, submersible pumps; Bicycle pumps |
12% |
18% |
|
4. |
Machines for cleaning, sorting or grading, seed, grain pulses; Machinery used in milling industry or for the working of cereals etc; Pawan Chakki that is Air Based Atta Chakki; Wet grinder; |
5% |
18% |
|
5. |
Machines for cleaning, sorting or grading eggs, fruit or other agricultural produce and its parts, Milking machines and dairy machinery |
12% |
18% |
|
6. |
LED Lamps, lights and fixture, their metal printed circuits board; |
12% |
18% |
|
7. |
Drawing and marking out instruments |
12% |
18% |
|
8. |
Solar Water Heater and system |
5% |
12% |
|
9. |
Prepared/finished, leather/chamois, leather / composition leathers |
5% |
12% |
|
10. |
Refund of accumulated ITC not to be allowed on following goods:
|
||
|
Services |
|||
|
S. No. |
Description |
From |
To |
|
1. |
Services supplied by foreman to chit fund |
12% |
18% |
|
2. |
Job work in relation to processing of hides, skins and leather |
5% |
12% |
|
3. |
Job work in relation to manufacture of leather goods and footwear |
5% |
12% |
|
4. |
Job work in relation to manufacture of clay bricks |
5% |
12% |
|
5. |
Works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium etc. |
12% |
18% |
|
6. |
Works contract supplied to central and state governments, local authorities for historical monuments, canals, dams, pipelines, plants for water supply, educational institutions, hospitals etc. & sub- contractor thereof |
12% |
18% |
|
7. |
Works contract supplied to central and state governments, union territories & local authorities involving predominantly earthwork and sub-contracts thereof |
5% |
12% |
The rate changes recommended by the 47th GST Council will be made effective from 18th July, 2022.
