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New GST Rates update effective from 18th July 2022

GSNT New GST Rates update effective from July 2022

New GST Rates are effective from 18th July- Let’s take a view of Updated Rates:

  • While the GST council recommend to remove some tax exemptions and adjust some rate structures, many other exemptions were eliminated.
  • Beginning from Monday, Customers will pay extra for variety of commodities, including furniture, lodging and banking services as new GST rates go into effect on July 18.
  • At the 47th Council Meet, which was held last month in Chandigarh and presided by Union Finance Minister Nirmala Sitharaman, the GST rates were raised on a number of commodities.
  • While the GST council planned to abolish some tax exemptions and adjust the rates for others, several exemptions were actually removed. Additionally, the council voted to eliminate duty inversion on commodities whose input taxes were higher than output taxes.

New GST Rate changes from July 2022 onwards

Things getting expensive from July 2022 onwards :

  • There is a 5% GST on marked and branded, pre-packaged foods including atta, paneer, and curd.
  • A 12 percent GST is charged on hotel rooms with daily rates up to Rs 1,000.
  • Tetra packets, check that are lost or in the book form will attract 18% GST.
  • 18% on ink, knives, pencil sharpeners, LED lamps, spoons, forks, blades, skimmers, cake servers, ladles, fixtures, and associated metal printed circuit boards
  • The GST rate on Solar Water heaters has increased to 12% from 5%
  • Work order for a crematorium, effluent treatment facility, metro, and bridges are come under 18% GST slabs.
  • 5% GST on rooms at hospitals (apart from ICU) with rent over Rs. 5,000

Rent paid by gst registered person for commercial use of residential premises will attract RCM

RCM on rent .

GST on Pre-packaged

GST on Pre-packaged

 

New GST Rate change

Areas were we can Save money from July 2022 onwards:

  • A reduction in the sales tax to 5% from 12% for Ostomy appliances and products and persons transported by ropeways.
  • The tax rate for renting trucks and goods carriage that includes the cost of fuel, has been reduced to 12% from the previous 18%.
  • Only economy class flights are exempts from the GST when travelling to and from north eastern states and Bagdogra.
  • Electric vehicle, whether or not they are equipped with a battery subject to a 5% GST.

5 OR 12 TAXABLE GOODS IF PREPACKED+LABELED..

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