Consumers might have to spend more money beginning 18th of July as numerous services and goods are going to cost higher in the presence of GST or the Council of goods and service tax confirming price hike to combat structures of inverted duty along with withdrawing a couple of exemptions.
Nirmala Sitharaman, who is the Finance Minister of India, said any uprise in the rates of GST is initiated to make up for “wastefulness” in the chain of value.
The Finance minister had announced that there was no objection from any state of India to these rate changes. The suggestions of the Fitment Committee before the Council of goods and service tax were treated in full, or maybe more or less, each of them has been agreed upon, as she said.
List of items that will get costlier
Single packs of food products such as pulses, cereals, or flour weighing up to 25 kilograms are going to be treated as labelled and prepackaged. These are going to be liable to 5 per cent GST. Other products such as puffed rice, Lassi, and curd too are going to have goods and service taxes at the rate of 5 per cent if labelled and pre-packaged.
Other products that are going to be dearer are cake-servers, skimmers, ladles, forks, spoons, blades and pencil sharpeners, paper knives, knives in the presence of cutting edges, drawing or writing ink, and printing. These products are now going to have 18 per cent in place of 12 per cent.
- Solar water heaters and LED lamps are going to have an 18 per cent tax.
- Tetra Pak, along with aseptic packaging paper utilized for packaging dairy products and liquid beverages, is now going to have 18 per cent GST in place of 12 per cent.
- Polished and cut diamonds are going to be taxed at 1.5 per cent compared to 0.25 per cent earlier.
- Rates of hotel accommodation up to 1,000 rupees per day are now going to be taxed at 12 percent.
- Five per cent GST is going to be imposed on non-ICU rooms in hospitals in the presence of room rent over 5,000 rupees per day.
- Eighteen per cent GST or Goods and Services Tax is going to be implied on loose leaf cheques and bank cheque books, along with 12 per cent on globes, atlas, and maps.
The price of Technology for grain pulses grading, cleaning and sorting seeds, along with machinery utilized in milling sectors or for the operating of cereals, etc., Atta Chakki is based on air or ‘Pawan chakki’, and wet grinder is going up from 5 per cent to 18 per cent.
Machines for grading, sorting and cleaning fruits, eggs, and any other agricultural product along with their parts, Dairy devices, and milking machines will go up from 12 per cent to 18 per cent. Tax exemption on coaching and training in recreational activities associated with sports and culture, and arts is limited to such facilities when supplied by one individual.
We hope the reader understands which essential things are getting costlier with new GST rates?