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Home » GST rate hike comes into effect -Check which items will get costlier

GST rate hike comes into effect -Check which items will get costlier

July 19, 2022 by admin Leave a Comment

GST rate hike comes into effect -Check which items will get costlier

The implementation of the rate spike in GST, Goods and Services Tax on all services even on the essential products are getting costly like wheat, flour, gram, rice, and other packaged food items. The GST rate hike has been implemented for those food items which are branded and packed in containers. The pre-packaged food items like pulses, rice, wheat, flour, etc. will now have a GST charge of the rate of 5% when branded and packed in a container including Puffed rice, lassi, and curd that comes in packaged also come into this category.

GST rate hike comes into effect -Check which items will get costlier
GST rate hike comes into effect -Check which items will get costlier

Here is the revised list of GST charges on goods.

  1. Goods like printing, writing, or drawing ink, knives with cutting blades, paper knives, pencil sharpeners and blades, spoons, forks, ladles, skimmers, and cake-servers will attract 18 percent GST, previously the GST was 12% on these items, the spike of 6% for now.
  2. GST on Tetra Pak which is used for packaging liquid beverages or dairy products has been hiked by 5%, and now stands at 18%.
  3. The GST on Jewelry is also getting more expensive as cut and polished diamonds will be taxed at 1.5%, previously it was 0.25%.
  4. The GST on power-driven pumps like centrifugal pumps, submersible pumps, deep tube-well turbine pumps, and bicycle pumps has also been increased to 18%.
  5. The pre-packaged food items like pulses, rice, wheat, flour, etc. will now have a GST charge of the rate of 5% when branded and packed in a container including Puffed rice, lassi, and curd that comes in packaged also come into this category.
  6. The Items like LED Lamps, lights, and fixtures, their metal printed circuits board will now stand at 18%, previously it was 12%.
  7. The Hotel accommodation rates up to Rs 1,000 per day will now be now taxed at 12%.
  8. 5% GST will be charged on non-ICU hospital rooms with room rent above Rs 5,000 per day.
  9. Goods and Services Tax (GST) 18 % will be applicable on bank cheque book/loose leaf cheques and 12 % on maps, atlas, and globes.

 

The things that are getting cheaper, the revised GST rates on those things are-

  1. The GST tax on transport of goods and passengers by ropeways would be reduced to 5 % from 18%.
  2. Renting of truck/goods carriage where the cost of fuel is included will be cheaper as the tax is reduced to 12% instead of 18%.
  3. The GST on orthopedic appliances like splints and other fracture appliances, artificial parts of the body, other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability, and intraocular lens has been reduced from 5% to 12%.
  4. Tax exemption on training or coaching in recreational activities relating to arts or sports is restricted to such services when supplied by an individual.

Exemption on the following activities

1. Transportation of railway equipment and material via rail.
2. Storage or warehousing of commodities that attract tax (nuts, spices, copra, jaggery, cotton, etc.)
3. Fumigation in a warehouse of agricultural production.
4. Services by the RBI, the IRDA, the SEBI, and the FSSAI, GSTN.
5. Renting of a residential dwelling to business entities (registered persons), and
6. Services provided by the cord blood banks via way of preservation of stem cells.

 

 

Filed Under: NEWS Tagged With: Goods & Services Tax

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