Business

New GST rates are applicable from Monday

The rate hike announced by the GST Council in its meeting held last month is going to come into effect from Monday. According to officials, the decision to increase GST was taken in the two-day GST Council meeting held in Chandigarh on June 28. In the 47th meeting of the GST Council, the list of goods and services on which tax was increased at that time has been announced. This will lead to higher GST on household goods, hotels and banking services. According to the officials, according to the new list, the new rates of GST will be applicable on various items from Monday, July 18.

Inks used in drawing, writing inks and printing inks now attract 18% GST instead of 12%. Apart from this, the GST on LED lamps, LED lights, fixtures, metal printed circuit boards will also increase from 12 percent to 18 percent. Importantly, the rate of GST on solar water heaters and solar systems will increase directly from 5 per cent to 12 per cent.

Also, following disagreements over the imposition of GST tax on online gaming and casinos, the law panel has been asked to investigate the matter. The committee on GST had recommended a tax rate of 28 per cent. But due to disagreement on that issue, the issue has now been referred to the Law Panel. Earlier, in the two-day meeting of the GST Council held in Chandigarh, the proposal to impose 28 percent tax on online gaming has also been deferred for the time being. No decision could be taken on the proposal to increase the GST compensation of the states on the last day of the meeting. Four proposals of the Group of Ministers were discussed during the meeting. The proposal to impose 28 per cent tax on online gaming, casinos and horse racing was deferred till the next meeting.

Items with 5% GST include hospital room rent, rooms without hospital charges and ITC services with patient charges above 5000 per day. Wherein Chamois Leather, Composition Leather, Leather Goods, Shoemaking Jobwork Maps & Hydrographics & All Types of Charts, Atlas, Wall Hanging Maps, Topographic Plans & Globes, Printed Charts, Hotels Rented Upto Rs.1000 All in 12% GST Slab and Printing , Inks used in writing or drawing, LED lamps, chopsticks, blades, pencil sharpeners, spoons, forks, screamers, cake servers, fixtures and metal printed circuit boards, electric pumps, bicycle pumps, dairy machinery, cleaning, sorting, Seed Grading Machines, Cereals Pulses, Machines Used in Grain Industry, Air Base Mills and Wet Grinders, Check Loose or Manual • To Historical Monuments, Canals, Dams, Pipelines, Water Supply Plants, Educational Institutions, Hospitals, Central and State Governments Services of all local contractors and sub-contractors for services rendered, roads, bridges, railways, metro, cremation works and services etc. are included in the 18% slab.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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