NEW DELHI: From July 18, there will be a change in the GST tax rates on certain items. Accordingly, the price of some products increases. The prices of some other commodities are falling.
The 47th GST Council meeting was held in June. It was decided in the GST Council meeting to revise the GST tax on many goods and services. Due to this, the new GST tax reform will come into force from 18th July.
Commodities that go up in price
The GST levied on hotel room rentals below Rs 1000 per day has been increased from 12 per cent to 18 per cent. Hospital room rent (excluding ICU) per patient per day Rs. 5000 for room without ITC will be charged 5 percent.The GST rate on LED lights and fixtures has gone up from 12 percent to 18 percent, so the prices of these products will also go up.
Chopping knives, paper knives, pencil sharpeners and knives with blades, spoons, forks, ladles, skimmers, cake-servers, etc. increase from 12 percent GST to 18 percent GST.According to the GST Council, 18 per cent GST will be levied on the fees charged by banks for issuing cheques. Maps andmaps, including atlas.
Products including packaged yogurt, lassi and buttermilk are subject to 5 percent GST. These goods were earlier exempted from GST scope.
The current 18 per cent GST levied on the hiring of goods vehicles is expected to go down to 12 per cent from Monday.
GST rates reduced from 12 per cent to 5 per cent on goods such as other fracture appliances, prosthetic parts of the body, other devices worn or carried or implanted in the body to compensate for impairment or disability, intraocular lens. Hence the price of these will decrease.
Apart from this, goods used by defense forces and certain defense goods imported by private companies/vendors are exempted from GST.