GST Tax Rates Revised: Check Out the Complete List of Updated GST Rates
GST council has revised GST rates for many items that may affect the pockets of common men. The revised GST rates will be applicable from July 18, 2022. The changes have been made at the 47th GST council meeting chaired by finance minister Nirmala Sitharaman. She made a statement stating that the government recommendations on exemptions and corrections of GST rates have been accepted by the GST Council.
What Gets Costlier with Revised GST Rates?
Packaged Food
The GST council has considered the recommendation to bring packaged food items under the GST ambit. Branded items like pre-packaged and pre-labelled retail packed items are excluded from the exemption.
Bank Cheques
GST council has decided to levy an 18 percent of GST tax on fees charged by banks for the issuance of cheques.
Hotel Rooms
Charges on Hotel rooms under 1,000 per day have come under 12 percent of GST slabs, decided by the GST council.
Hospital Rooms/Beds
Charges of Hospital beds/rooms (excluding ICU) exceeding Rs. 5000 per day shall be taxed up to 5 percent without ITC.
LED Lights, Lamps
There will be a price hike on LED Lights, fixtures, and LED Lamps as now these are taxed from 12 percent to 18 percent.
Accessories
Accessories such as cutting blades, knives, Pencil sharpeners and blades, Spoons, forks, ladles, skimmers, cake-servers, etc. have now been placed under the 18 percent of GST slab from the 12 percent slab earlier.
Pumps and Machines
Power-driven pumps designed for handling water such as centrifugal pumps, deep tube-well turbine pumps, and submersible pumps, along with machines for cleaning, air-based flour mills, etc. have been placed under 18 percent, up from 12 percent.
What Gets Cheaper with Revised GST Rates?
Transport/frights
The GST tax rates on the transport of goods and passengers through ropeways have been slashed down from 18 percent to 5 percent.
Renting of Goods Carriage
The GST Council has brought down the GST tax rates from 18 percent to 12 percent on renting of goods carriage with operators.
Orthopedic Appliances
GST taxes on artificial parts of the body, appliances that are worn and carried, intraocular lenses, etc. have been slashed down to 5 percent from 12 percent.
