GST Rates Revised: In the 47th meeting of the GST Council held in the last week of June, it was decided to change the tax rates on many things. This affected the price of many things. This change has come into effect from today. After this change, let’s know which things have become expensive and what are cheap?
GST Rates Revised: After the implementation of the decision of the GST Council from July 18, many food items will become expensive. These include pre-packaged and labeled food items such as flour, paneer and curd, which will attract 5 percent GST. Now GST will also have to be paid on hospital rooms renting more than Rs 5,000. Apart from this, a provision has been made to levy tax at the rate of 12 percent on hotel rooms renting less than Rs 1,000 per day. Till now no tax is levied on it.
These changes came into effect from today,
Under the chairmanship of Union Finance Minister Nirmala Sitharaman, in the meeting of the GST Council in the last week of June, packaged and labeled (except frozen) fish, curd, paneer, lassi, honey, dry Makhana, It was decided to levy five percent GST on dry soybeans, products like peas, wheat and other cereals and puffed rice. This change has become effective from today.
5% GST on Electric Vehicles
The GST exemption on air travel from Bagdogra to North-Eastern states will now be limited to the ‘economy’ clause. Letting out a residential house business unit with the services of regulators like RBI, Insurance Regulatory and Development Authority, Securities and Exchange Board of India will attract tax. The concessional 5% GST will continue on electric vehicles with or without batteries.
Whose price went up?
- Products like packed fish, curd, paneer, lassi, honey, dry makhana, dry soybean and peas etc. These will now attract 5 percent GST.
- 18% GST will be levied on the fees charged by banks for issuance of cheques.
- Maps and charts including atlas will attract 12 percent GST.
- 12 per cent GST on hotel rooms renting less than Rs 1,000 per day.
- 5 percent GST will be levied on rooms rented above Rs 5,000 in the hospital.
- GST on ‘printing/drawing ink’, sharp knife, paper-cutting knife and ‘pencil sharpener’,
- LED lamp, drawing and marking products has been increased to 18 per cent.
- Solar water heater will now attract 12 percent GST, earlier it was 5 percent.
- Contracts issued for roads, bridges, railways, metro, waste treatment plants and crematoriums will now attract 18 percent GST. It was 12 percent till now.
Which things will be cheaper?
- GST reduced from 12 percent to 5 percent on equipment connected with transportation of goods and passengers and residual evacuation surgery by ropeway.
- Trucks, vehicles used for transportation of goods including fuel cost will now attract 12 per cent GST instead of 18 per cent.
- Reduced GST from 12 per cent to 5 per cent in some orthopedic line ups.
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