What are the recent changes in the GST rate applicable from this week
Since the implementation of the Goods & Services Tax (GST) in India, the central government is continuously conducting meetings to simplify the tax rates. In the last week, the 47th GST meeting presided over by Finance Minister Nirmala Sitharaman and attended by the state Finance Ministers and allied persons where they have trimmed the list of goods in the exemption list.
There has been some good changes in the recent GST Meeting which will effect some of the daily house needs of the common people. The consumers will have to pay extra for home commodities, financial services, hotels and hospitals. Prices for some essential goods and services, including pre-packaged, labeled food products and hospital rooms, will rise beginning from the ongoing week.
Find below the simplified list which has become expensive from this week:
- Tetra packs and bank fees for cheque issuance. (as 12% GST applied now)
- Hospital rooms with rent above 5000 rupees. (as 5% GST applied now)
- Non-ICU hospital rooms with fares more than Rs. 5,000 per day. (as 5% GST applied now)
- Hotel rooms with daily fares of up to Rs. 1,000. (as 12% GST applied now)
- Pre-packaged, labeled food goods such as Atta, paneer, and curd. (as 5% GST applied now)
- Solar Water Heaters (as 12% GST applied now)
- Renting a residential home to a commercial entity (as 12% GST applied now)
- LED Lamps, lights and fixture, their metal printed circuits board (as 12% GST applied now)
Find below the simplified list which has become cheap from this week:
- Renting a truck or goods carriage with the cost of fuel included ( GST reduced from 18% to 12% from now)
- Electric cars, whether or not equipped with a battery pack (5% GST discount given)
- Transport of goods and passengers by ropeways (GST reduced from 18% to 5% from now)
- Few orthopedic appliances (GST reduced from 12% to 5% from now)
Above is the list whose prices will be changed from this week for the common people. On the other hand, the next meet which will be the 48th GST Council meeting would occur in Madurai, Tamil Nadu, in the first week of August 2022. The agenda of this meeting will be known near the date of the meeting.