The GST, also known as the Goods and services Tax, which replaced all indirect taxes in india four years ago is still in a condition where the Federal Ministry of Finance and the GST Council are unable to levy the tax efficiently and consistently.
At each GST meeting, tax modifications are made on a regular basis. New tax revisions were announced by the Federal Department of Indirect Taxes and Customs on Friday. Solar Module has hiked the GST duty on fruit juice, carbonated soft drinks, and medications.
Energy from renewable sources
As all parties, including individuals, plan and work to enhance renewable energy generation in india, from government agencies to the private sector, the tax has been hiked until the price of equipment in this segment grows.
An increase in the tax rate to 12% is planned.
Solar panels, solar modules, biogas plants, solar power generators, wind turbines, solar lamps, wave power generators, plants, and equipment are now subject to a 12% tax, according to a statement released yesterday.
Contract
Following that, 70% of the value of the contract under the existing scheme is treated as a supply of goods, and a 5% GST is applied. However, the amount will be increased to 12%, according to a declaration made Tuesday.
Soft drink with carbonation
In addition, carbonated soft drinks and fruit juices blended with carbonated soft drinks would be subject to a 28% GST and a 12% cess. That is, carbonated drinks are subject to an extra tax. Domestic fruit juice producers will be more profitable and economically feasible as a result of this.
Medicine and metals
Furthermore, the current 5% GST on copper and other metal concentrators has been increased to 18%. Additionally, until december 31, the VAT on all medications used to treat corona has been decreased.
click and follow Indiaherald WhatsApp channel