Only instruction or coaching in leisure activities related to the arts, culture, or sports will be eligible for a GST exemption claim from an individual.
Customers will pay more as the Goods and Services Tax (GST) Council’s decision goes into effect on Monday for home goods, banking services, healthcare facilities, and lodging. A number of basic goods and services, such as pre-packaged, labelled food items and hospital rooms, may see price increases starting today. The decision was made last month at the 47th GST meeting, which was presided over by Finance Minister Nirmala Sitharaman and attended by her state counterparts. At the meeting, they reduced the list of exempt goods and services and increased taxes on a variety of other goods and services. Additionally, the Council eliminated duty inversion for commodities whose input taxes were higher than output taxes.
List of items to become expensive:
Customers must pay 5% GST on marked, pre-packaged foods including atta, paneer, and curd.
five percent Additionally, GST would be charged on hospital rooms with rent exceeding Rs 5,000.
Atlases and maps and charts, including those with daily rates up to Rs 1,000, will be subject to a 12 percent Goods and Services Tax (GST).
Tetra packs and bank costs for issuing checks will both be subject to a total GST of 18%. (loose or in book form).
Products like printing, writing, or drawing ink; knives with cutting blades, paper knives, and pencil sharpeners; LED bulbs; and tools for drawing and marking out will now all have a tax rate increase from 12 to 18 percent.
GST will now be applied at a rate of 12% as opposed to 5% previously for solar water heaters.
The tax rate will increase from the existing 12% to 18% for services such work contracts for roads, bridges, trains, metro, effluent treatment facilities, and crematoriums.
Renting a residential property to businesses will also be subject to an 18% tax on services provided by authorities like the RBI, IRDA, and SEBI.
Facilities for treating biomedical waste are subject to a 12% GST.
A 5% GST would be applied on non-ICU hospital rooms that cost more than Rs 5,000 per day, without an input tax credit, up to the amount invoiced for the room.
List of items to become cheaper:
From July 18, taxes on ostomy appliances and the use of ropeways for the transportation of goods and people will be reduced from 12 to 5 percent.
Renting a truck or goods carriage that includes fuel costs will now be charged at a lower rate of 12% as opposed to 18%.
Only economy class flights to and from Bagdogra and the northeastern states will be exempt from the sales tax (GST).
From July 18, electric vehicles, whether or not equipped with a battery pack, would be eligible for the reduced GST rate of 5%.