Thursday, August 11, 2022

GST rate hike comes in effect from Monday

From next week, many household items, hotels, and bank services, among other things, will get costlier after the GST rates were hiked for several items in the 47th Goods and Services Tax meeting in Chandigarh last month.
While The GST council proposed to withdraw tax exemptions for a few items and rate changes for others, exemptions for many others were removed, Business Standard reported.
The increased rates for various products and services will come into effect from Monday, July 18.
Here’s what will get costly from Monday: LED lamps; ink, knives, blades, pencil sharpener, blades, spoons, forks, ladles, skimmers, skimmers, cake servers; printing, writing and drawing ink; fixture and their metal printed circuits board by 18 per cent
Power-driven pumps, bicycle pumps, dairy machinery by 18 per cent
Machines used for cleaning, sorting, grading seeds, and grain pulses; machines used in milling/cereals industry; air-based atta chakki and wet grinder by 18 per cent
Cheques, lose or in book form by 18 per cent
Solar water heater and system by 12 per cent
Leather (prepared, finished, chamois and composition) by 12 per cent
Printed maps and charts of all kinds by 12 per cent
12 per cent GST on hotel accommodation priced up to Rs 1,000 per day. Room rent, except ICU, more than Rs 5,000 per day patient charged by a hospital taxed 5 per cent to the extent of charge of the room without ITC
Works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium and others by 18 per cent
18 per cent GST for work contract for historical monuments, canals, dams, pipelines, plants for water supply, educational institutions, hospitals etc supplied to central,m state goverments and local authorities and sub-contractor thereof
Works contract supplied to central and state governments, union territories & local authorities for earthwork and sub-contracts thereof 12 per cent.

SourceAGENCIES

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