HomeArticlesOthersIncrease in GST: Products and Services that are going to be Expensive from 18th July 2022

Increase in GST: Products and Services that are going to be Expensive from 18th July 2022

In the Recent Meeting of GST Council GST Rates of some products and Services has been revised Customers will have pay more for Household Item, Hostel, Bank Services and Hospitals

Here are the details of list of Items that are going to be more expensive:

  1. Customers will have to pay 5 per cent GST on pre packed, labelled food items like atta, paneer and curd, besides hospital rooms with rent above Rs 5,000.
  2. In addition, hotel rooms with tariff of up to Rs. 1,000/day, maps and charts, including atlases, will attract a 12 per cent Goods and Services Tax (GST) A total of 18 per cent GST will be levied on tetra packs and fees charged by banks for the issue of cheques (loose or in book form).
  3. Tax rates on products such as printing, writing or drawing ink; knives with cutting blades, paper knives and pencil sharpeners; LED lamps; drawing and marking out instruments will be hiked to 18 per cent on Monday, from 12 per cent currently, to correct the inverted duty anomaly.
  4. Solar water heater will now attract 12 per cent GST as compared to 5 per cent earlier. Some services such as work contracts for roads, bridges, railways, metro, effluent treatment plants and crematoriums too will see tax going up to 18 per cent from the current 12 per cent.
  5. Services rendered by regulators such as RBI, IRDA and SEBI will be taxed at 18 per cent and so will be renting of a residential dwelling to business entities.
  6. Bio-medical waste treatment facilities shall attract 12 per cent GST, while non-ICU hospital rooms exceeding Rs 5,000/day will be levied 5 per cent GST, without input tax credit, to the extent of the amount charged for the room.
  7. Besides, individuals will only be able to claim GST exemption for training or coaching in recreational Activities Related to arts or culture or sports.

Leave a Reply

Your email address will not be published. Required fields are marked *

Topfilings.com

Making it easy

Copyright: © 2024 Topfilings.com build by Minilead. All Rights Reserved.