Starting next Monday, you may have to shell out more to buy certain items as the GST on them will go up soon. Following last month’s 47th GST council meeting, the government has decided to review the goods and services tax on a number of items and services. This will cause the prices of certain daily necessities to rise from July 18, as the new GST rates go into effect on that day. In this regard, it should also be noted that the prices of certain items will also fall.
Here is the list of items and services that will be more expensive or cheaper after the GST rate review goes into effect.
GST Tariff Revision: Which Will Be More Expensive?
– Pre-packaged and pre-labeled retail packaging in terms of Statutory Metrology Act, including pre-packaged, pre-labeled curds, lassi and buttermilk, will attract a 5 percent GST from July 18. These items were previously exempt from the scope of GST.
– 18 percent GST is levied on the fee that banks charge for the issuance of checks (individual or in book form), the municipality has announced.
– The rent of a hospital room (excluding ICU) exceeding Rs 5000 per day per patient will be taxed up to 5 percent of the amount charged for the room without ITC.
– Maps and graphs including atlases will be taxed with VAT from July 18 at a rate of 12 percent.
– The GST council has also decided to bring hotel rooms under Rs 1,000 per day below the 12 percent GST plate, as opposed to the tax-exempt category at present.
– Prices of LED lighting, fixtures and LED lamps are expected to see a price hike as the GST council recommended a correction in the reverse duty structure from 12 percent to 18 percent.
– Knives with cutting blades, Paper knives, Pencil sharpeners and knives therefor, Spoons, forks, ladles, slotted spoons, cake servers etc are placed below the 18 percent GST plate, as opposed to the 12 percent plate.
GST Tariff Revision: Which Is Cheaper?
– IGST on specified defense items imported by private entities/vendors, when the end user is the armed forces, are exempt from GST.
– Transport of goods and passengers via cable car to become cheaper GST council has lowered GST rates from 18 percent to 5 percent
– Freight hire with operators where fuel costs are included in the consideration to attract 12 percent GST, down from the previous 18 percent
– GST rates reduced from 12 percent to 5 percent on items, including splints and other fracture aids; artificial parts of the body; other devices worn, worn or implanted in the body to compensate for a defect or disability; intraocular lens
GST on casino, online gaming
The group of ministers (GoM) for casinos, online gaming and horse racing, which is to investigate the issue of levying 28 percent GST on these activities, met on Tuesday and the meeting remained unclear, according to sources. The proposal to levy GST on these services is therefore not yet implemented.
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