GST Guidelines 2022: What gets Expensive, What gets Cheaper?

GST Guidelines 2022: What gets Expensive, What gets Cheaper?

GST (Goods and Services Tax), introduced by the central government in July 2017, has undergone a few changes after the 47th meeting of the GST council that took place in Chandigarh in June 2022 had arrived at a consensus on changing the tax regime of certain products and services.

Several packaged food items and banking and hotel services have become more expensive since these changes came into effect on July 18, 2022. On the other hand, GST on a few transport-related services have been lowered, which will indirectly affect the price of a few goods in future.

gst 2022

GST 2022: Here’s what gets more expensive

Food products: 5% GST will be imposed on rice, wheat, atta, paneer, curd, jaggery, lassi, buttermilk, labelled meat (except frozen) and fish. Earlier, there was no GST levied on these food items. All forms of mango packed and labelled are also brought into the 12% GST slab. An 18% GST will be applied on Tetra packs.

Hospital Room Rents: A 5% GST will be imposed on hospital rooms that cost more than Rs 5,000.

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Stationery Items: Maps and charts will have a 12% GST applied to them. Printing/drawing ink, writing, pencil sharpeners, paper knives, knives with cutting blades, LED lamps and marking out instruments will now come under the 18% GST category instead of 12.

Banking and Hotel Services: 12% GST on all hotel rooms, which costs up to Rs 1,000 a day. 18% GST on fees charged by the banks for issuing cheque books.

Diamonds and Leather: Polished and cut diamonds will now be sold at a GST of 1.5%, while Leather made products will now come under the 12% GST slab.

Machinery and Contract Work Services: Machinery used in mills will now be sold at a GST of 18%. Meanwhile, work services contracts for building bridges, roads, metro, railways, crematoriums and treatment plans will also come under the 18% GST slab instead of the earlier 12%.

GST 2022: Here’s what gets Cheaper

  • Exemption of GST on air transport of passengers to and from northeastern Indian states if the tickets are booked for economy class.
  • Renting trucks and good carriages will now come under 12% GST instead of 18%.
  • 5% Concessional GST on electric vehicles.

 

 

 

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