Change in GST tax from July 18..! Full details...

Sowmiya Sriram
Change in GST tax from July 18..! Full details...
Prices of many food items from rice to milk are going to go up from next Monday. The main reason for this is that the recently held GST meeting has decided to impose a 5 percent GST tax on some food items. After this GST tax increase which will be implemented from July 18, what food items will be sold? Now let's see if the price will go up.
From next Monday, the GST tax on certain goods is going to be increased, so you will have to pay more from your pocket to buy some goods. Following the 47th GST Council meeting held last month, the government decided to revise the GST on several goods and services. Due to this, the new GST will come into effect from July 18.
Products including prepackaged yogurt, lassi, and buttermilk will be subject to 5 percent GST from July 18 after the GST rate revision comes into effect. The price of these goods will go up as they were earlier exempted from the GST ambit. According to the GST Council, 18 percent GST will be levied on the fees charged by banks for issuing cheques. Hospital room rent (excluding ICU) per patient per day Rs. 5000 for a room without ITC will be charged 5 percent.
Maps including atlases will be subject to 12 percent GST from July 18. Also, if the rent of hotel rooms is less than Rs.1000 per day, the GST tax charged has been increased from 12 percent to 18 percent. The GST tax on LED lights and fixtures has increased from 12 percent to 18 percent, so the price of these items will also increase.
Chopping knives, paper knives, pencil sharpeners, and knives with blades, spoons, forks, ladles, skimmers, cake-servers, etc. increase from 12 percent GST to 18 percent GST. Goods used for defense forces are exempted from GST on certain defense goods imported by private companies/vendors.
The current 18 percent GST levy on the hire of goods vehicles is likely to go down to 12 percent with effect from Monday. GST rates were reduced from 12 percent to 5 percent on goods such as other fracture appliances, prosthetic parts of the body, other devices worn or carried or implanted in the body to compensate for impairment or disability, and intraocular lenses. Hence the price of these will decrease.
For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

GST tax

Related Articles: