GST Council Approves Proposal to Hike Rates on Caffeinated Drinks; Soft Drinks, Energy Drinks And All Other Drinks Set to Become Expensive
Union Finance Minister Nirmala Sitharaman on Friday decided to approve the hiking tax rate on caffeinated drinks from 18 percent to 28 percent. Additionally, 12 percent of cess would also be charged under the new Goods and Services Tax (GST) rules.
New Delhi, September 20: Union Finance Minister Nirmala Sitharaman on Friday decided to approve the hiking tax rate on caffeinated drinks from 18 percent to 28 percent. Additionally, 12 percent of cess would also be charged under the new Goods and Services Tax (GST) rules. Following this, soft drinks, energy drinks and all other drinks set to become expensive. Apart from this, the Minister approved the waving off GST filing for dealers below 2 two crores turn over, while the state that the procedure for those with more than Rs 2 crore turnover would be simplified.
According to the sources, the Union Finance Minister -- while chairing the 37 GST Council Meeting -- decided to hike the GST rate of caffeinated drinks from 18 percent to 28 percent. Reports are also coming that the GST council has agreed to raise 12 percent cess on the caffeinated beverages. GST Council Meeting Tomorrow: Here's What To Expect.
Here's a tweet by a journalist:
Along with this, the council even decided to make GSTR9, GSTR9A, GSTR9C, optional for taxpayers with turnover up to Rs 2 crore for Fiscal Year 18-19 and decided to simplify GSTR9 in future. In simple terms, the GST Council approved the waving off GST filing for dealers below 2 two crores turn over, while the state that the procedure for those with more than Rs 2 crore turnover would be simplified.
(The above story first appeared on LatestLY on Sep 20, 2019 07:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).