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Effect of inflation! Many things including branded paneer-curd will be expensive, this service of the bank will also be taxed

The burden on the common man’s pocket is going to increase once again. The reason for this is Goods and Service Tax. In fact, a two-day meeting of the GST Council is going on in Chandigarh under the chairmanship of Union Finance Minister Nirmala Sitharaman.

In this meeting, it has been decided to change the tax rates of many things and do away with tax exemption on some things. In such a situation, now you will have to pay more for many things including branded curd and cheese.

Not only this, preparations are also being made to impose tax on non-branded rice and flour. This can prove to be a big setback for the common people who are already facing inflation. Not only this, it has now been decided to levy tax on the special service of the bank.

Today is the last day of the 47th meeting of the GST Council

On the very first day of this meeting, there was a discussion on changes in the tax scope of some things. In such a situation, the prices of many everyday things are going to increase.

That is, the burden on the pocket of Adam is also going to increase. Let us know that in the meeting of the GST Council, it has been decided to increase the prices of which things.

It will be expensive
In the GST Council meeting, preparations are being made to levy tax on gene items, now canned and labeled or branded items like curd, cheese, honey, meat and fish will become costlier.

Because it has been decided to impose Goods and Services Tax (GST) on these food items. Apart from this, now non-branded rice and flour will also be taxed. In fact, till now only branded rice and flour used to attract GST, but in order to increase the revenue of the states, it has been decided to tax non-branded items as well.

Tax will be levied on this facility of the bank
Bank is an important part of our life

But now transactions through banks will also attract tax. However, this tax will be applicable on issuance of cheque. In fact, 18 per cent GST will be levied on the charges charged by the banks on issuance of cheques. At the same time, it has been decided to levy 12 percent GST on maps and charts including atlas.

Staying in hotel will also be expensive

If you use hotels for business or travel, especially looking for hotels with cheap rates, then here too you will have to loose your pocket more. Because in the GST meeting, hotel rooms renting less than Rs 1,000 per day will be taxed at the rate of 12 per cent. There is no tax on it as of now.

Today these issues will be decided

On the second and last day of the GST Council meeting, which will be decided on Wednesday, the demand for continuation of the compensation system for the states to compensate for the revenue loss can be considered even after June 2022.

Casino and online gaming

Apart from this, important issues like levying 28 per cent GST on casinos, online gaming and horse racing are likely to be discussed.

Opposition-ruled states like Chhattisgarh have been demanding an extension of the GST compensation system for five years or increasing the states’ share of revenue from the current 50 per cent to 70-80 per cent. A decision on this can also be taken in the meeting.

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