Prices of various commodities and services ranging from LED lights to hotel room rates will increase from July 18. This change comes after rate hikes were approved at the two-day 47th GST Council meet on June 29. The meeting was held in Chandigarh and was chaired by Finance Minister Nirmala Sitharaman.
Here is what will become more expensive:
-The GST rates of solar water heaters, some leather goods, textile works, will go up from the present 5 percent to 12 percent.
-Printing and writing ink as well as LED lights will now be taxed 18 percent from the present 12 percent.
-Hotel accommodation below Rs 1,000 per unit/day will be taxed at par with others at 12 percent.
-Hospital rooms, except for ICU, with daily rent of Rs 5,000 will be taxed 5 percent without input tax credit.
-GST rates on e-waste is increased from 5 to 18 percent
-Exemptions from cheques, lose or in book form withdrawn and are to be taxed 18 percent.
-Unroasted coffee beans, unprocessed green leaves of tea, wheat bran, de-oiled rice bran to be taxed 5 percent GST.
Exemptions accepted for withdrawals
-The GST Council accepted the GoM's view to withdraw GST exemption from packaged curd, lassi, buttermilk, flattened rice, puffed rice, parched rice, papad, honey, cereals, jaggery, food grains, certain vegetables
-Reinsurance of exempted insurance schemes
-Transport of passengers in business class from airports located in northeast states
-Transportation of magazines, newspapers, railway equipment by via road, vessel, rail.
-Services provided by SEBI, services by RBI, IRDA to insurers
Here are the list of GST exemptions that will stay:
First Published: Jun 29, 2022 6:17 PM IST
