New Delhi, Mar 1 (KNN) The GST Council in its February meeting had decided to cut the tax rate on many items, including 'Rab' (liquid jagger) and pencil sharpeners, besides rationalising late fees for the delayed filing of annual returns.

As announced by the finance minister, the GST rate for pencil sharpeners have decreased to 12 from previous 18 per cent from March 1. The GST on liquid jaggery has also been slashed from 18 per cent to Nil if sold loosely. And, if pre-packaged and labelled, it will attract 5 per cent GST.

If a device like a tag-tracking device or data logger is already affixed on a container, no separate IGST would be levied on the affixed device and the ‘nil’ IGST treatment available for the containers would also be available to them.

The council had announced a rationalization in the late costs for registered persons with an annualised turnover of up to 20 crore and who file annual returns in Form GSTR-9 after 2022–23.

The late fee for registered persons with an annual turnover of up to 5 crore will be 50 per day, up to a maximum of 0.04 per cent of annual turnover. The levies will be Rs.100 per day, subject to 0.04 per cent of the turnover, in the case of more than Rs.5 crore and up to Rs.20 crore.

Any authority established by the Central or State governments for the conduct of entrance examinations for admission to educational institutions "shall be treated as an educational institution for the limited purpose of providing services by way of conducting entrance examinations for admission to educational institutions," the government stated in another notification.

GST exemption available to educational institutions and central and state boards for organising entrance exams will be available to the respective authority.  (KNN Bureau)