There are higher chances that much amount than before will get out from your pocket to buy certain items from the next Monday (18th July 2022) since the GST upon them would soon set to rise. The government would revamp the GST on the goods and services complying with the 47th GST official meet held the previous month. Because of the same, the cost of the daily needs is just rising from the date July 18 because the new GST rates would come into force on that day.
The same would be notified that the cost of specific goods is increasing to get down in turn. Below is the list of goods and services which would secure more cost or cheap post revision of GST implementation.
Latest Update
1st August 2022
- According to Kerala Finance Minister K N Balagopal, small unregistered shops or those with an annual turnover of about INR 1.5 crore are exempt from collecting GST on essential commodities sold loose or in small packets of 1kg or 2 kg.
GST Rate Revamp: What is Expensive?
- Pre-packaged and pre-labelled retail packs under the Legal Metrology Act, consisting of pre-packed, pre-labelled curd, lassi, and buttermilk will draw a GST at a rate of 5 per cent from July 18. From the compliance of GST, these items would get exempted.
- Banks will levy an 18% GST fee for the issue of the cheques (loose or in book form), the officials mentioned.
- The hospital room rent (without ICU) is more than Rs 5000 per day for one patient and would get taxed to the extent of the amount imposed for the room at 5% with no Input tax credit.
- The maps and charts along with atlases would be levy a 12% GST from 18 July.
- The hotel rooms per day charged with Rs 1000 might also get added beneath the 12% slab, get more brief
- LED light cost, fixtures, and LED Lamps would come to see a rise in price as the GST council would suggest a rectification in the structure of inverted duty from 12 percent to 18 percent.
- Knives with cutting blades, Paper knives, Pencil sharpeners, and blades therefor, Spoons, forks, ladles, skimmers, cake-servers and others would be placed beneath the 18% GST slab up from the 12% slab.
Rectification of GST Rate: What is the Least Expensive?
IGST on the mentioned defence things imported through the private entities/vendors, when end-user is the Defence forces would get GST exemption.
Ropeway transportation for goods and passengers would be cheaper, GST council lowered the GST rates from 18% to 5%.
GST rates come down from 12% to 5% on the items along with the splints including the additional fracture appliances; artificial parts of the body; other appliances that are worn and taken or implanted in the body to compensate for the defect or disability, intraocular lens.
