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Key Changes wrt 47th GSTC meetings have been notified

Main Changes wrt 47th GSTC meetings have been notified : GSTN

the GST Council altered the GST rates for several commodities, which may have an impact on average people’s wallets. The new Goods and Services Tax rates will be in w e. f starting on July 18, 2022. The modifications were made at the 47th GST council meeting, which was presided over by Miss N Sitharaman, finance minister. In a statement, she claimed that the GST Council had agreed with the government’s recommendations about exemptions and adjustments to GST rates.

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Now Revised GST Rates Costlier

Pumps and Machines
  • Power-driven pumps designed for handling water such as centrifugal pumps, submersible pumps, along with machines for cleaning, air-based flour mills, deep tube-well turbine pumps etc. have been placed under 18 % up from 12 %.
Hospital Rooms/Beds
  • Charges of Hospital beds/rooms (excluding ICU) More than INR 5000 per day shall be taxed up to 5 % without Input tax Credit.
LED Lights, Lamps
  • There will be a price hike on LED Lamps LED Lights, & fixtures as now these are taxed from 12 % to 18 %
Bank Cheques
  • GST council has decided to levy an 18 percent of GST tax on fees charged by banks for the issuance of cheques.
Hotel Rooms
  • Charges on Hotel rooms under 1,000 per day have come under 12 percent of GST slabs, decided by the GST council.
Packaged Food

GST on Pre-packaged

  • GST council has considered the recommendation to bring packaged food items under the GST ambit. Branded items like pre-packaged and pre-labelled retail packed items are excluded from the exemption.
Accessories
  • Accessories such as cutting blades, knives, Pencil sharpeners and blades, Spoons, cake-servers, forks, ladles, Spoons, forks, skimmers, etc. have now been placed under the 18 % of GST slab from the 12 % Slab earlier..

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Now Revised GST Rates Cheaper in below Case

Renting of Goods Carriage
  • GSTN has brought down the GST tax rates from 18 % to 12 % on renting of goods carriage with operators.
Frights/Transport
  • GST tax rates on the transport of goods and passengers through ropeways have been slashed down from 18 % to 5 %.
Orthopedic Appliances
  • GST taxes on artificial parts of the body, appliances that are worn and intraocular lenses, carried etc. have been slashed down to 5 % from 12%.

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