New GST Rates from Today – Customers have to pay a new price as the GST council increases its rates for certain products from July 18

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. At the 47

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meeting of the GST Council, Union Finance Minister Nirmala Sitharaman and her state counterparts imposed a tax on a host of goods and services.

New GST Rates – Things to gets expensive

  • 18% GST will on fee charged by banks for the issuing cheques (loose or in book form).

  • 12 per cent GST on hotel rooms below Rs 1,000 per day will be levied, as against a tax exemption currently.

  • Maps and charts including atlases will attract a 12 per cent levy.

  • GST on e-waste increased to 18 per cent from earlier rate of 5 per cent.

  • LED lamps, inks, knives, blades, power-driven pumps and dairy machinery’s GST to be raised to 18 per cent from 12 per cent.

  • Tax on miling machinery for cereals will be increased to 18 per cent from 5 per cent.

  • GST on solar water heater, finished leather will be increased to 12 per cent.

  • GST on specified goods for petroleum will be increased to 12 per cent from 5 per cent on input goods to correct inversion.

  • GST on work contract services supplied to govt, local authorities will be 18 per cent. - GST on cut, polished diamonds increased from 0.25 per cent to 1.5 per cent.

  • Transport of goods and passengers by ropeways to attract 18 per cent GST, up from 5 per cent (with ITC of services).

  • Renting of truck/goods carriage where cost of fuel is included to attract per cent GST, up from 12 per cent. In case of Services, following exemptions are being rationalised: - Exemption on transport of passengers by air to and from NE states & Bagdogra is being restricted to economy class.

New GST Rates – Products and Services exempted from GST

  • Transportation by rail or a vessel of railway equipment and material.

  • Storage or warehousing of commodities that attract tax (nuts, spices, copra, jaggery, cotton etc.)

  • Fumigation in a warehouse of agricultural produce.

  • Services by RBI,IRDA,SEBI,FSSAI, GSTN.

  • Renting of residential dwelling to business entities (registered persons).

  • Services provided by the cord blood banks by way of preservation of stem cells - Room rent (excluding ICU) exceeding Rs 5,000 per day per patient charged by a hospital shall be taxed to the extent of the amount charged for the room at 5 per cent, without ITC.

  • Application fee charged for entrance or for issuance of eligibility certificate for admission or issuance of migration certificate by universities is exempt from GST.

  • Due to ambiguity in GST rates on supply of ice cream by ice-cream parlours, GST charged at 5 per cent without ITC on the same during the period July 1, 2017 to October 5, 2021 shall be regularised to avoid unnecessary litigation.

  • The GST on tetra pack too would be hiked to 18 per cent from 12 per cent at present.