Again new Goods and Service Tax (GST) rates came into force from Monday followed by the 47th meeting of the GST Council which was held in the month of June, chaired by union finance minister Nirmala Sitharaman. With the emergence of the new taxes that have come into force for a set of goods and services, the prices of some have been increased while the price of others have decreased.
It is mentioned that five percent GST will be applicable on all pre-packed, labeled food items comprising atta, paneer, and curd, as well on hospital rooms with rent above ₹5,000. While on the other hand, an 18 percent GST will be lowered on tetra packs. On stuff like maps and charts – including atlases a 12 percent GST will be applicable. While, 18 percent GST will be deducted on fees applied by banks for the issue of cheques. On services like printing, writing, drawing ink, knives with cutting blades, paper knives, pencil sharpeners, LED lamps, drawing, and marking out instruments, GST will be raised by 18 percent which was initially 12 percent.
However, GST on ostomy appliances and on the transport of goods and passengers through ropeways will be deducted by five percent which was earlier 12 percent. Transport of passengers via air to and from northeastern states and Bagdogra in economy class will be excluded from the taxes. Another sector where GST is reduced by 12 percent from 18 percent include renting of trucks and goods carriages (where the cost of fuel will be considered).
