GST Revised Rates July 2022, Download PDF List

GST Revised Rates Hike July 2022, Check New Rates:-As a result of the Goods and Services Tax (GST) Council authorising a rate rise to fix inverted tax structures and removing some exemptions, many goods and services will be more expensive starting July 18. According to Finance Minister Nirmala Sitharaman, a higher GST rate is necessary because of “inefficiencies” in the value chain. As far as rate adjustments are concerned, the minister claimed that no state would object. According to her, “The Fitment Committee’s recommendations before the GST Council were evaluated in total, and almost all of them have been adopted.

At the 47th Council Meeting, led by Union Finance Minister Nirmala Sitharaman in Chandigarh last month, various commodities had increased GST rates. Despite the GST council’s proposal to abolish some tax exemptions and adjust the rates of others, numerous other exemptions were deleted. The council voted to eliminate duty inversion for commodities whose input taxes were more significant than output taxes.”

GST Revised Rates 2022

Reconsidering the method of GST imposition on certain food commodities such as pulses, cereals, flour, etc., was recently proposed by the GST Council at its 47th meeting. In the past, there have been several misunderstandings concerning this topic that have been propagated. The facts are laid out in this thread: When did the federal government start taxing such foodstuffs? No. Foodgrain was a significant source of revenue for states before the implementation of the GST. Punjab raked over Rs 2,000 crore in purchase tax on food grain in 2017.

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Revised GST Rates 2022: What has become Costlier?

  1. Pre-packaged, labelled food goods, such as rice, wheat, atta, paneer, curd, jaggery, lassi, buttermilk, and branded meat and fish (excluding frozen), would be subject to a 5 percent GST.
  2. GST of 12 percent will be applied to all mango products, including mango pulp. Taxes on fresh mangoes, however, will remain excluded from this rule.
  3. Tetra packs will be taxed at a rate of 18 percent.
  4. All hospital rooms with rents of more than Rs.5,000 would be subject to a five percent tax.
  5. Maps and charts, including atlases, will be subject to a GST of 12 percent.
  6. Services provided by banks would be subject to a GST of 18 percent.
  7. From 0.25 percent to 1.5 percent, the GST rate on diamonds has been raised.
  8. A new GST charge of 12 percent has been imposed on finished leather.
  9. Inns and suites – 12% of Hotel rooms costing more than Rs 1,000 per day would be subject to GST.
  10. A 12 percent GST rate has been raised to 18 percent for printing/drawing inks, writing, sharpening pencils, paper knives, cutting knives, LED bulbs, and marking equipment.
  11. The tax on solar water heaters has doubled from 5% to 12%.
  12. A new GST rate of 18 percent has been implemented for work contract services such as bridges, roadways, metro rails, crematoriums, and treatment programmes.
  13. In the milling and cereals industries, the GST rate on milling machinery has been increased from 5% to 18%.

New GST Rates July,2022: What has become cheaper?

  • In economy class, flights to and from the northeastern states and Bagdogra will not be subject to GST.
  • From 18 to 12 percent, the GST rate for fuel-included truck and freight carriage rentals has been lowered.
  • Electric cars would be subject to a 5 percent GST reduction.
  • GST on products and persons transported by ropeways was reduced from 14% to 5%.
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