.jpeg)
Online sources image/edited
One more round of inflation, GST on 143 items, In the list -
the GST Council has proposed to increase the tax rate on most of the items, The government had slashed the tax rates in November 2017 and December 2018, ahead of the 2019 Lok Sabha elections.
Ahead of the Goods and Services Tax (GST) Council meeting in May, the government has sought suggestions from states on raising the tax rate on 143 items under GST
The items include papads, jaggery, power bank, watches, suitcases, handbags, perfumes, TVs (less than 32 inches), chocolates, chewing gum, walnuts and custard powder, sources said. Non-alcoholic beverages, wash basins, glasses, glasses frames, clothes and leather goods may be included.
The proposal is to increase the tax rates for 143 items. Of these, 92 per cent goods will be taxed at 18 per cent to 28 per cent.
The GST Council has proposed to increase tax rates on most of the items on which the government had cut rates in November 2017 and December 2018, ahead of the 2019 Lok Sabha elections.
Rate of tax, Leather goods, Chocolates, Cocoa powder, Beauty and makeup, Crackers, Lamps and sound recording equipment were degraded in November 2017, TVs and monitors (less than 32 inches), GST rate on digital and video camera recorders, In December 2018, the power bank was reduced, Which is in the process of being increased.
Tax rate on papad and jaggery, Which have remained out of the purview of GST so far, It can be reduced to 0-5 per cent, while leather fabrics can be reduced to 5 per cent, Clock in hand, Perfume, After pre-shave / shave, Dental floss, The GST rate on chocolate cocoa powder is proposed to be increased, Wash the basin, Non-alcoholic drinks, Handbag, Plywood etc. ranging from 18 percent to 28 percent.
The GST rate on walnuts has been increased from 5 per cent to 12 per cent, on custard power from 5 per cent to 18 per cent and on wood products used in kitchens from 12 per cent to 18 percent.
GST collections in March touched a record high of Rs 1.42 lakh crore, up 14.7 per cent over March 2021 and 45.6 percent.