GST Council Meeting: Full list of items that will become Costlier and Cheaper

Union Finance Minister Nirmala Sitharaman made major announcements during the GST Council meeting on February 18, ranging from approving the setting up of GST Appellate Tribunal to clearing the pending GST compensation balance of Rs. 16,982 crores for June. The meeting also saw several tax cuts and new charges being implemented on some goods and services.

Among the significant announcements made during the meeting, the government has approved the setting up of GST Appellate Tribunal, which will help in reducing the large number of cases that are pending for resolution. Additionally, there will be a direct impact on consumers and industry stakeholders as several tax cuts and new charges have been implemented.

The following are the main items that will become cheaper and costlier as a result of the changes in GST tax announced by Finance Minister Nirmala Sitharaman during the meeting.

Cheaper Items:

Liquid molasses
Pencil sharpener
Data loggers
Coal rejects
Entrance exam fees of educational institutions conducted by NTA
Furthermore, the government is expected to announce subsidies and tax exemptions on Bajra.

Costlier Items:

Court service
Pan masala
Gutkha
Chewing tobacco
In addition to the items listed above, the GST Council is also expected to make a decision on the taxation of online gaming, horse racing, and casinos. The GST rate on liquid jaggery (raab) will be reduced from 18% to nil or 5%. If it is loose, it will be charged at zero GST rate, while it will be charged at 5% if it is pre-packaged and labelled. Furthermore, services provided by the National Testing Agency for conducting entrance examinations will be GST exempt, and there will be a discount on coal rejects and data loggers. The GST on data loggers has been reduced from 18% to nil.

Finally, the government levies tax on services provided by courts and tribunals, so people can expect to pay an additional rupees. The late fee paid during the delay in filing the annual return will also be rationalised.

The announcements made by the Finance Minister during the GST Council meeting are expected to have a significant impact on the prices of several goods and services, and their implementation is likely to result in significant changes in the economy.