The Goods and Services Tax(GST) Council revised and updated the New GST rates last month. It has imposed GST on many goods and services. Read on to find out the complete list. The new rates will come into effect from Monday.
Prices After New GST Rates
Consumers will have to pay more for some products such as pre-packed food and labeled food items. While the taxes imposed on some might go down. The Goods and Services Tax council is headed by Finance minister Nirmala Sitharaman.
Rates Increased After New GST Rates
- 5 %GST on pre-packed, labeled food items including atta, paneer, and curd.
- 5 %GST on hospital rooms with rent above ₹5,000
- 12% GST will be imposed on Maps, Charts, and Atlas.
- 18% GST will be levied on tetra packs.
- 18 %GST on fees charged by banks for the issue of cheques.
- Tax rates on products such as printing, writing, or drawing ink, knives with cutting blades, paper knives and pencil sharpeners; LED lamps; drawing and marking out instruments will be hiked to 18 %from 12% currently.
- Solar water heaters will now have12 %GST. Earlier it was 5%.
- Services including contracts for roads, bridges, railways, metro, effluent treatment plants, and crematoriums too will see tax going up to 18%from the current 12 %.
Products That Will Be Cheaper Amid New Rates
- Taxes will be reduced on ostomy appliances and the transport of goods and passengers by ropeways to 5% from July 18, 2022. Earlier, it was 12%.
- Renting trucks, and goods carriages will become cheaper. The GST imposed on these services was 18%, now it will be 12%.
- GST exemption on the transport of passengers by air to and from northeastern states and Bagdogra will be only for economy class.
- The GST Imposed on the electrical vehicles(whether or not fitted with a battery pack) will be reduced by 5%.
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