New GST rates from July 18

The Goods and Services Tax (GST) Council approved revised GST rates in order to address the issue of inverted duty structures. The council also approved the withdrawal of some exemptions. Finance Minister Nirmala Sitaraman said that any increase in GST rates was intended to make up for inefficiencies in the value chain. The GST tax rates will come into effect from July 18.

The Minister said, “The Fitment Committee’s suggestions before the GST Council were considered in full, and more or less, all of them have been accepted”. She added that that there was no opposition from any state on rate changes.

The revised GST rate list:

Commodities that will now be attracting GST rate of 18% include-

  • Printing, writing or drawing ink, knives with cutting blades, paper knives, pencil sharpeners and blades, spoons, forks, ladles, skimmers, and cake-server will now attract 18% instead of the earlier 12%.
  • LED lamps and solar water heaters will attract 18% tax
  • Tetra Pak (or aseptic packaging paper) used for packaging liquid beverages or dairy products will now be taxed at 18% GST instead of 12%.
  • GST rate on Machines for cleaning, sorting or grading eggs, fruit or other agricultural produce and its parts, milking machines and dairy machinery going up from 12% to 18%.
  • The rate on machines for cleaning, sorting or grading seed, and grain pulses, machinery used in milling industry or for the working of cereals etc. ‘pawan chakki’, or air-based atta chakki, wet grinder goes up from 5% to 18%.
  • 18 % Goods and Services Tax (GST) will be applicable on bank cheque book/loose leaf cheques.

12% GST rate from now on-

  • Hotel accommodation rates up to Rs 1,000 per day will now be now taxed at 12%.
  • 12 % on maps, atlas, and globes.
  • Renting truck/goods carriage where the fuel cost is included will be cheaper as the tax is reduced to 12% instead of 18%.

Exemptions-

  • Tax exemption on training or coaching in recreational activities relating to arts or culture, or sports is being restricted to such services when supplied by an individual.
  • Exemption on following services is being withdrawn – transportation by rail or a vessel of railway equipment and material, storage or warehousing of commodities which attract tax (nuts, spices, copra, jaggery, cotton etc.), fumigation in a warehouse of agricultural produce, services by the RBI, the IRDA, the SEBI, and the FSSAI, GSTN, renting of residential dwelling to business entities (registered persons), and services provided by the cord blood banks by way of preservation of stem cells.

GST rate at 5% on-

  • Tax on transport of goods and passengers by ropeways would decline to 5% from 18%.
  • GST rates on medical items like ostomy and orthopaedic appliances – splints and other fracture appliances, artificial parts of the body, other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability, and intraocular lens- have come down to 5% from 12%
  • 5% GST will be levied on non-ICU hospital rooms with room rent above Rs 5,000 per day.

Cut and polished diamonds will be taxed at 1.5% compared to 0.25% earlier.

‘GST was previously exempted on specified food items, grains etc. when not branded, or right on the brand, has now been foregone under the revised rates of GST. It has been recommended to revise the scope of exemption to exclude from it pre-packaged and pre-labelled retail pack in terms of Legal Metrology Act, including prepacked, pre-labelled curd, lassi and butter milk’.

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