GST Rates Hike Or Fall: Know The Insides 2022

GST Rates Hike or Fall Know The Insides 2022

Table of Contents

The GST council takes certain steps to change goods and services rates. As a result, some household products are set to hike while others may have tax reliefs. From 18 July 2022, customers must know the new GST charges to manage their purchases. 

In the month of June, Union Minister of India, Nirmala Sitharaman, with her state counterparts, brought up the new tax rates on goods and services. Thus, household items like hotels and bank services with others will witness a hike in July. 

The changes were announced at Chandigarh’s 47th Goods and Services Tax meeting. As a result, the common person may have to pay extra for everyday items, increasing their daily budget. 

New GST Rates: Products Getting Expensive

  • Pre-packed products and labelled food items will have 5% GST. The items can be curd, milk and wheat flour. 
  • Tetra packs will have 18% GST levied. 
  • Maps, charts and atlases will be available at a 12% GST. 
  • Hospital rooms having rent above 5000 will have 5% GST.  
  • 18% GST on bank charges for issue of cheques (loose or book form).
  • For solar water heaters, 12% GST will be levied, which earlier was 5%. 
  • Products like printing, drawing ink, knives with cutting blades, paper knives, LED lamps, and other marking instruments will have 18% GST compared to 12% before. 
  • Work contracts for roads, bridges, metro, railways, and crematoriums will have 18% GST from its current 12%. 

Things with Low GST Rates

  • Rent of trucks and goods carrier vehicles with fuel charges will go down to 12% GST from 18%. 
  • Ostomy appliances will have a GST of 5%, which earlier was 12%. 
  • Transport of goods and passengers will get cheaper with 5% GST. 
  • GST exemption for passengers travelling to northeastern states and Bagdogra by air will be as per economy class. 
  • Electric vehicles with batteries or not will have a 5% concessional rate. 

Based on the list of GST charges, traders can evaluate their positions. GST rate is a percentage of tax on the sale of goods and services under the CGST, IGST and SGST Acts. 

Any business under the GST law has to issue their invoices with new tax charges. The GST rates mostly peggs at 5%, 12% and 18%. But it can also be 28% for certain supplies. 

Traders can be aware of the changes to levy the tax. In contrast, customers have to control their expenses to minimise extra expenses.

More at: FXreviews.best

X

  • Get a Callback

    A trusted broker will contact you today.