treeviewYou may have to pay more for some things starting next Monday since the GST on them is about to rise. The government agreed to amend the Goods and Services Tax on a variety of commodities and services following the 47th GST council meeting last month. As a result, the costs of certain everyday necessities will rise beginning July 18, when the new GST rates go into effect. It should also be mentioned that the prices of certain things will be reduced in this respect.
Following the implementation of the GST rate change, the following commodities and services will be more expensive or less expensive.
GST RATE REVISION: WHAT WILL BE MORE EXPENSIVE?
– Pre-packaged and pre-labeled retail packs by the Legal Metrology Act, including pre-packaged and pre-labeled curd, lassi, and buttermilk, will be subject to a 5% GST beginning July 18. Previously, these commodities were exempt from the scope of GST.
– According to the council, an 18% GST would be collected on the fee charged by banks for the issuance of cheques (loose or in book form).
– Hospital room rent (excluding ICU) exceeding Rs 5000 per day per patient shall be taxed at 5% without ITC to the extent of the amount paid for the room.
– Beginning in July 2018, maps and charts, including atlases, will be subject to a 12% GST.
– The GST Council also resolved to bring hotel rooms under Rs 1,000 per day under the 12% GST slab, as opposed to the current tax exemption status.
– Prices for LED lights, fittings, and LED lamps are poised to rise as the GST council recommends a correction in the inverted tax structure from 12% to 18%.
– Knives with cutting blades, paper knives, pencil sharpeners, and pencil sharpening blades, Spoons, forks, ladles, skimmers, cake servers, and other similar items are now subject to 18% GST, up from 12%.
WHAT WILL BE CHEAPER AFTER THE GST RATE REVISION?
– IGST has been waived on certain defense equipment imported by private entities/vendors when the end-user is the Defense Forces.
– Ropeway transportation of products and persons will be less expensive. GST rates have been reduced from 18% to 5% by the GST Council.
– Renting goods transport with operators when the cost of fuel is included in the consideration will attract 12% GST, down from 18% before.
– GST rates were reduced from 12% to 5% on products such as splints and other fracture appliances; prosthetic body parts; other appliances worn, carried, or implanted in the body to compensate for a defect or impairment; intraocular lenses
GST ON ONLINE GAMING AND CASINO
According to reports, the group of ministers (GoM) on casinos, internet gambling, and horse racing, which has been entrusted with investigating the topic of levying a 28% GST on these activities, convened on Tuesday and the discussion was inconclusive. As a result, the plan to impose GST on these services will not be enacted for the time being.