New GST Rule: Here’s What Will Become Cheaper & Expensive From July 18

The Central Government has agreed to amend the Goods and Services Tax on a variety of commodities and services following the 47th GST Council meeting. According to the GST Council's decision, the prices of certain basic commodities will rise beginning next Monday, and you may have to pay extra out of your own pocket.

On the other hand, certain other things' prices will be reduced beginning the same day.

GST Big Update: Here’s What Will Become More Expensive

The GST Council has issued the following recommendations on Goods and Services GST rates:

• According to the GST Council's resolution, the pre-packaged and pre-labeled retail pack in terms of the Legal Metrology Act, including pre-packed, pre-labeled curd, lassi, and buttermilk, would be subject to a 5% GST beginning July 18. Previously, these commodities were exempt from GST.

• From next week, an 18% GST will be levied on bank fees for the issuance of cheques (loose or in book form).

• Furthermore, hospital room rents (except ICU) that surpass Rs. 5000 per patient per day would be taxed.

• Aside from that, starting in July 2018, maps and charts will be subject to a 12% GST.

• The change will have the greatest impact on consumers, as prices for LED lights, fittings, and LED lamps would rise as the GST council recommends a correction in the inverted tax structure from 12% to 18%.

• Knives with cutting blades, paper knives, pencil sharpeners and blades, spoons, forks, ladles, skimmers, and cake servers, which are more regularly used by customers, have been placed under the 18% GST slab.

 These Commodities Will be Cheaper, Starting July 18

• The cost of transporting products and passengers by ropeway would be reduced since the GST rate has been reduced from 18% to 5%.

Furthermore, renting goods carriage with operators would carry only 12% GST, down from 18% previously.

Keep visiting Krishi Jagran to get the latest GST updates.