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GST Council Meet: What gets expensive or cheaper in revised rates? Check complete list here

By Lokmat English Desk | Published: June 30, 2022 3:53 PM

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The Goods and Services Tax (GST) Council, in its 47th meeting in Chandigarh on Tuesday has bring several changes in tax rates of some goods and daily user items which is sure to affect the pockets of the middle class. The council meet was chaired by Union Finance Minister Nirmala Sitharaman in the presence of four GoMs. The decisions by the council will come into effect from July 18 onwards.
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However, the states could not make any decision on issues like compensation and online gaming. The rates of goods which have been increased at the GST Council meeting. It also includes pre-packaged and labeled flour and rice.
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1. Packaged Food Items: The council has bought the packed food items under its ambit and said in a press realease, “Hitherto, GST was exempted on specified food items, grains etc when not branded, or right on the brand has been foregone. It has been recommended to revise the scope of exemption to exclude from it prepackaged and pre-labelled retail pack in terms of Legal Metrology Act, including pre-packed, pre-labelled curd, lassi and butter milk.”
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Bank Cheque Book Issuance: On the fee charged by the banks for the issue of cheques in any form will be levied at 18 per cent of GST.
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Hotel Rooms: Ending the tax exemption category for hotel rooms under Rs 1,000 per day, the council has decided to bring it under its ambit from now onwards.
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Hospital Beds: The rent for the room over Rs 5000 a day (excluding ICU rooms) will be taxed at 5 per cent without ITC.
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The LED lights and other products are set to see a price hike after the council inverted it from 12 to 18 per cent of duty structure.
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The tax slab for electric pumps and machines has been shifted from 12 percent to 18 percent catergory.
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Artificial body parts, appliances and other products will now draw a GST of mere 5 percent compared to previous tax of 12 percent.
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Certain specific defence items have been exempted from GST.
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Finance Minister Sitharaman said the GST Council has asked the group of ministers to reconsider tax rates on horse racing, online gaming and casinos by July 15. Apart from this, there was no discussion on the issue of bringing cryptocurrency under GST.
Tags: GST Council MeetNirmala Sitharaman
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