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Saturday, June 15, 2024

GST Rates Revised; Here Is A List Of Items That Are Affected

The recommendations on Goods and Services Tax rates that made way during the 47th GST Council meeting come into effect from today onwards

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INDIA: Consumers may have to pay more as some goods and services cost more from July 18 as the Goods and Services Tax (GST) Council approves rate hikes to address inverted duty structures and scrap some exemptions.

Finance Minister Nirmala Sitharaman said any hike in GST rates is aimed at compensating for “inefficiencies” in the value chain. The hiked or decreased rates would be implied from July 18.

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The minister said that no state was opposed to the rate changes. “The proposals of the Fitment Committee before the GST Council were fully considered and more or less all of them were accepted,” she said.

Here is the list of Items that get costlier:

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1. GST on cut and polished diamonds increases from 0.25 per cent to 1.5 per cent.

2. GST on paper knives, spoons, forks, ladles, skimmers, and cake-servers increased from 12 per cent to 18 per cent.

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3. LED Lamps, lights and fixture, their metal printed circuits board will also witness a GST increase from 12 per cent to 18 per cent.

4. GST on power driven pumps such as centrifugal pumps, deep tube-well turbine pumps, submersible pumps, bicycle pumps increased from 12 per cent to 18 per cent.

5. Pre-packaged and labelled pulses, and cereals like rice, wheat, and flour (atta) will now attract 5 per cent GST when branded and packed in a container.

6. GST on petroleum/coal bed methane will be increased from 5 per cent to 12 per cent

7. Curd, lassi, and puffed rice would attract GST at the rate of 5 per cent when pre-packaged and labelled.

8. GST on solar water heater and system has been increased from 5 per cent to 12 per cent.

9. GST on e-waste increases from 5 per cent to 18 per cent.

10. Hotel accommodation priced up to or above ₹ 1,000 per day would be taxed at 12 per cent.

11. Room rent (excluding ICU) exceeding ₹ 5,000 per day charged by a hospital shall be taxed to the extent of amount charged for the room at 5 per cent without ITC.

List of items that get cheaper:

1. Tax on transport of goods and passengers by ropeways has declined to 5% from 18%.

2. Renting truck/goods carriage where the fuel cost is included will be cheaper as the tax is reduced to 12% instead of 18%.

3.  GST rates on medical items and orthopaedic appliances/implants like splints and other fracture appliances, artificial parts of the body, or implants in the body, and intraocular lenses- have come down to 5% from 12%.

ALSO READ: A Drastic Reduction In GST On COVID-19 Relief Material And Medicines


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