Decisions Taken in 31st Meeting of GST Council
A Brief on the Decisions taken by GST Council in 31st Meeting held are:
1) Reductions in GST Rates and exemptions on services such as Movie Tickets, Third Party insurance premium on goods carrying vehicles, Services supplied by banks to Basic saving Bank Deposit(BSBD) account holders, Services supplied by GTA to government, Exemption on Services provided by Central, State or Union Territory governments and Air Travel of Pilgrims
2) Parliament and State shall follow same tax treatment with regard to payment of tax under RCM. Also, Security Services (supply of security personnel) and Service provided to banks or to a business correspondent shall be put under RCM
3) Clarifications such as
1) Degrees/Diploma awarded by IIMs will be exempt from GST from 31st January’18
2) Services provided by IFC and ADB are exempt from GST
3) Services provided for the conduct of Examination to its students are exempt
4) “Printing of Pictures” falls under HSN code “998386” that attracts GST @18%
5) Leasing of Pumps and reservoirs is mixed supply, License Fee Recovery for the same is charged at GST @28%
6) Incentives paid by RBI to banks are taxable
7) Multi- Modal transport with GST rate @12% covers only transportation of goods within India
8) Supply of goods or services will be determined on the constituents of each individual supply by establishments making supply of food, drinks or other articles.
9) GST is exempt only on supply of food and drinks by educational institutions to their students, faculty and staff.
10) Banking Company liable to pay GST on entire value of service charge or fee charged to customers
11) Godown/Warehouse owner carrying out activities of storage or preservation of stored food grains is exempt.
