Monday, September 25, 2023

New GST rates today onwards. Really take a look at what’s costlier, what’s less expensive here

The new Goods and Service Tax (GST) rates has become effective from Monday after the 47th gathering of the GST Council was held last month, which was led by association finance serve Nirmala Sitharaman. New duties have happened for a large group of labor and products. While the GST on certain items is being expanded, some are set to cost less. Check what has become expensive and cheaper below:

What has become costly?

Five percent GST will be applicable on pre-packed, marked food things including atta, paneer, and curd, also on medical clinic rooms with lease above ₹5,000. In the mean time, a 18 percent GST will be levied on tetra packs.

A 12 percent GST will be imposed on maps and charts – including map books.

18% GST will be collected on expenses charged by banks for the issue of cheque.

GST rates on printing, writing, drawing ink, blades with cutting edges, paper blades, pencil sharpeners, LED lights, drawing, and checking out instruments will be climbed to 18 percent from the past 12%.

The GST on solar water heaters will be increased to 12% as compared to five% earlier.

Administrations including work contracts for streets, spans, railroads, metro, emanating treatment plants, and crematoriums will see an expansion in the GST to 18 percent from the current 12%.

What has become cheaper?

Charges on ostomy appliances and on the vehicle of merchandise and travelers by ropeways will be cut up to five percent from the past 12%.

GST will be exempted for the transport of passengers by air to and from northeastern states and Bagdogra in the economy class.

The GST on renting of trucks, and goods carriages (where the cost of fuel is included) will be cut to 12 percent from 18 percent.

Electric vehicles will be eligible for the concessional GST rate of five percent.

Also Read More: How a detergent could have helped RBI act swiftly on inflation

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