Know from the new rates of GST, what became cheap and what became expensive.

The 47th meeting of the GST Council was held in the last week of June. In which it was decided to change the tax rates on many items. Due to this new tax rate, the prices of many items were likely to be affected. The items on which it was decided to change the rates of tax in this meeting, it is to be implemented from today i.e. from 18th July 2022.

We will try to know with full details about which items will be affected due to the new rates of GST. But it is necessary that if the rates on the goods on which GST rates were low earlier, if they have been increased. So to buy those things you will have to spend more money than before. And the prices of items on which GST rates have been reduced as compared to earlier, can provide you some relief.

GST Council meeting was held in June

The 47th meeting of the GST Council was held in the last week of June under the chairmanship of Finance Minister Nirmala Sitharaman. In this meeting, it was decided to levy GST at the rate of 5% on many packaged food items which were not subject to GST earlier. These include packaged and lean fish, cheese, curd, honey. Lassi, dry soybean, dry makhana, peas, wheat, puffed rice along with other grains are also included.

Apart from this, GST will also have to be paid on hospital rooms whose rent is more than Rs 5000. Hotel rooms whose daily rent is less than Rs 1000 will also attract GST at the rate of 12%. Whereas till now it was outside the purview of tax.

18 july 2022 Inflation can bother you even more

Several food items were brought under the purview of GST for the first time in the GST Council meeting that was held under the chairmanship of Finance Minister Nirmala Sitharaman. However, the rate of GST on these was kept from 5% to 12%. These include packaged and labeled food items like paneer, curd, lassi, fish, honey, peas, hotel room rent below Rs 1000, hospital room above Rs 5000 etc.

And there are also some such services or goods on which GST rates have been increased. These include solar power heaters, printing and drawing ink, paper cutting knives, sharp knives, pencils, sharpeners, LED lights to marking and drawing products. Are included.

which items have increased in price

According to the new rates of GST applicable from 18th July 2022, the prices of many items will increase. This will include either those goods, which have been brought under the purview of GST for the first time. Or will include those goods on which the rates of GST have been increased. The following items may become costlier from 18 July 2022.

  • Packed and labeled fish, curd, lassi, paneer, dry makhana, dry soybean, honey, peas etc. are the items which have been brought under the purview of GST for the first time. And GST will be applicable on these at the rate of 5%.
  • The fee charged by the bank at the time of issuance of cheque will attract GST at the rate of 18%. Therefore, the check book will also become expensive now.
  • GST at the rate of 12% will also be applicable on maps, charts and atlases etc.
  • GST at the rate of 12% will be applicable on hotel rooms whose daily rent is less than Rs.1000.
  • Such hospital rooms whose rent is more than Rs 5000 will also attract GST at the rate of 5%.
  • The rate of GST has been increased on LED lights, marking and drawing products, paper cutting knives, sharpeners, knives, printing and drawing ink, pencils, sharpeners. Now these will attract GST at the rate of 18%.
  • Heaters powered by solar energy, on which GST was 12%, will now attract 18% GST.
  • Earlier the rate of GST was 12% on contracts to be issued for railways, metro, road, bridge, waste plant and crematorium etc. Now this rate has been reduced to 18%.

which items will cost less

  • Equipment used to transport goods and passengers by ropeway, machinery and equipment associated with waste removal surgery where GST rates of 12% were earlier applicable. Now these rates have been reduced to 5%.
  • Trucks, vehicles used for transportation of goods, including the cost of fuel, were earlier subject to 18% GST. Now it has been reduced to 12%.
  • Apart from this, there are some orthopedic line ups which earlier used to attract GST at the rate of 12%, but now these have been reduced to 5%.

Items on which GST rates have been hiked Table

object name 18 Rates before July 18 Rates applicable from July cheap expensive
Packed and Labeled Fish, Curd, Lassi, Paneer, Dry Makhana, Dried Soyabean, Honey, Peas 0% 5% can be expensive
Check issuance fee by banks NA 18% can be expensive
charts, maps, atlas NA 12% can be expensive
Hotel rooms with rent below Rs 1000 per day 0% 12% can be expensive
Hospital rooms whose rent is more than 5000 0% 5% can be expensive
Printing/Drawing Ink, Pencil, Sharpener, LED Light, Knife etc. 12% 18% can be expensive
solar power heater 5% 12% can be expensive
Contracts issued for railway, metro, bridge, road, waste plant, crematorium etc. 12% 18% can be expensive

on which GST rates have been reduced

object name 18 Rates before July 18 Rates applicable from July cheap expensive
Machinery and equipment for transporting passengers and goods by ropeway and equipment associated with residual evacuation surgery 12% 5% can be cheap
trucks and other vehicles used to transport goods 18% 12% can be cheap
some orthopedic line ups 12% 5% can be cheap

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