Starting next Monday, you may need to spend more out of your pocket to buy certain items. GST Ready to hike on them soon. After the 47th GST Council meeting held last month, the government decided to revise goods and services Tax on many goods and services. Due to this, the prices of some day-to-day essential commodities are going to increase from July 18. new rates of gst It is set to take effect on that day. It should also be noted in this regard that the prices of some commodities are also going to come down.
Here is a list of goods and services that will be costlier or cheaper once the GST rate revision takes effect.
GST Rate Revision: Will it be costly?
Under the Legal Metrology Act, pre-packaged and pre-labeled retail packs, including pre-packaged, pre-labeled curd, lassi and butter milk, will attract GST at the rate of 5 per cent with effect from July 18. These items were earlier exempted from the purview of GST.
18 per cent GST will be levied on charges charged by banks for issuance of checks (loose or booked form), the council has informed.
Hospital room rent (excluding ICU) exceeding Rs.5000 per day per patient will be taxed to the extent of 5 per cent fee for rooms without ITC.
Maps and charts including atlas will attract GST at the rate of 12 per cent from July 18.
The GST Council also decided to bring hotel rooms under Rs 1,000 per day under the 12 per cent GST slab, as opposed to the tax exempt category at present.
– The prices of LED lights, fixtures, LED lamps may see a hike as the GST Council has recommended reduction of inverted duty structure from 12 per cent to 18 per cent.
Knives with cutting blades, paper knives, pencil sharpeners and blades thereof, spoons, forks, ladles, skimmers, cake-servers, etc. have been placed under the 18% GST slab over and above the 12% slab.
GST Rate Revision: What Will Be Cheaper?
IGST on specific defense goods imported by private entities/vendors, when the end user defense forces are exempted from GST.
In order to make the transportation of goods and passengers cheaper through ropeways, the GST Council has reduced the rates of GST from 18 percent to 5 percent.
Freight fare with operators where fuel cost is included in the consideration to attract GST at 12 per cent, down from 18 per cent earlier.
GST rate reduced from 12 percent to 5 percent on items including splints and other fracture devices; body prostheses; other devices that are worn or carried, or implanted in the body, to compensate for a defect or disability; intraocular lens
GST on Casino, Online Gaming
The Group of Ministers (GoM) on casinos, online gaming and horse racing, which has been tasked to examine the issue of levying 28 per cent GST on these activities, met on Tuesday and according to sources, the meeting was inconclusive. Therefore, the proposal to levy GST on these services will not be applicable as of now.
read all breaking news, today’s fresh newswatch top videos And live TV Here.