NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / New GST rates apply from today: What's costlier, what's cheaper
    New GST rates apply from today: What's costlier, what's cheaper
    1/8
    Business 3 min read

    New GST rates apply from today: What's costlier, what's cheaper

    By Manzoor-ul-Hassan
    Jul 18, 2022
    01:14 pm
    New GST rates apply from today: What's costlier, what's cheaper
    The GST Council has also brought many products and services under GST purview now.

    The new Goods and Services Tax (GST) rates go into effect on Monday. The rates were decided at the GST Council's 47th meeting presided over by the Union Finance Minister Nirmala Sitharaman last month. The new levies have been applied to a variety of goods and services. While the GST on certain items will be raised, others will be reduced. Here are the details.

    2/8

    These items are now expensive

    According to the GST Council's order, unbranded but pre-packaged curd, lassi, buttermilk, food products, cereals, and other items formerly excluded from GST have been brought into the GST net. From today, an 18% GST will be applied on bank cheque books/loose leaf checks and a 12% GST on maps, atlases, and globes. Ink for writing, printing, or drawing will also become more costly.

    3/8

    These things now cost less

    The GST rate for medical equipment such as ostomy and orthopedic appliances is now 5%. Earlier it was 12%. Similarly, the GST for transporting products and persons by ropeway has been reduced from 18% to 5%, and the GST for renting a truck or goods carriage that includes the cost of fuel has been reduced from 18% to 12%.

    4/8

    GST is as high as 18% on some commodities

    As per officials, printing, writing ink, knives with cutting blades, paper knives, and pencil sharpeners are among the other commodities for which GST rates are now 18% rather than 12%. They said spoons, forks, ladles, skimmers, and cake servers also have the same rate. Similarly, the GST is now 18% on power-driven pumps such as centrifugal pumps, deep tube-well turbine pumps, and bicycle pumps.

    5/8

    Some goods have seen a significant rise in GST

    The GST rate for machinery for cleaning and grading seed, grains, milling, or processing cereals, for example, has risen from 5% to 18%. Similarly, the GST rate on solar water heaters and systems, as well as some leather items, has been raised to 12%. The GST on LED lighting and fixtures, metal printed circuit boards, and drawing and marking devices stands at 18%.

    6/8

    Tax rates hiked in service industry too

    The new rates are high in the service sector, per the GST council order. The GST rates vary on the processing of hides, skins, leather, leather goods, footwear, clay brick manufacturing, and work contracts for roads, bridges, trains, metro, effluent treatment plants, crematoriums, and other similar projects. Concessional charges have also been raised for electronic trash, petroleum, and coal bed methane.

    7/8

    Present state of health and hospitality sectors

    Hotel rooms up to Rs. 1,000 per day would be taxed at 12%, whereas hospital rooms (excluding ICU) exceeding Rs. 5,000 per day per patient will be taxed at 5%, with no input tax credit. The tax exemption for training or coaching in leisure activities related to the arts, culture, or sports shall be limited to services provided by a single person.

    8/8

    Services that no longer have tax exemption

    The tax exemption for rail transportation, equipment, commodity storage or warehousing, and agricultural produce fumigation in a warehouse has been removed. Similarly, services provided by the RBI, IRDA, SEBI, FSSAI, and GSTN have been placed under the ambit of GST. In addition, renting out a residential residence and services offered by cord blood banks are now subject to GST.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Nirmala Sitharaman
    GST

    Nirmala Sitharaman

    New GST rule: What gets cheaper, what's costlier? GST
    GST Council's two-day meet starts today: Details here Supreme Court Of India
    Rajya Sabha polls: BJP clinches Karnataka, Haryana; Congress bags Rajasthan Tamil Nadu
    BJP, Congress announce candidates for Rajya Sabha elections: Check here Piyush Goyal

    GST

    What does it mean for films to be tax-free? Jhund
    GST Council decides to postpone tax hike on textiles Nirmala Sitharaman
    GST changes from January 1: Here's how it impacts prices Nirmala Sitharaman
    Petroleum Minister explains why petrol prices are not coming down West Bengal
    Next News Article

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023