New Rates Of GST Apply Today: Many Services Will Be Cheaper;
New Rates Of GST Apply Today: Many Services Will Be Cheaper
From today, new rates of GST have been applied. New rates will apply to new services on 53 services and 29 commodities. With the introduction of new rates, the cost of many items, including old cars, diamonds, will be reduced. Estimates of revenue loss of Rs.1000-1200 crores have been projected by a massive cut in GST rates.
The item which has been reduced from 28% to 18% GST, includes old and used cars (medium and large cars, SUVs) and bio-fuel public transport buses. When 12 percent GST has been reduced from 28 percent, all types of old motor vehicles (excluding Medium and Large cars and SUVs) are included.
Apart from this, the GST of 12 percent has been reduced by 18 percent, which includes Sugar based confectionery, 20 liters of drinking water bottles, phosphoric acid compounds, biodele, bio-pesticide, bamboo construction, deep irrigation system and mechanical spray.
Items reduced from 18% to 5% GST include straw, plantation materials, valve fabric. When diamonds and precious stones will fall from 3% to 0.25%.
The GST on which the GST was increased did not have GST before rice mush, but now 5% GST will be applicable. When the cigarette filter has been increased from 12% on the road to GST, it is 18%.
Meanwhile, GST has been granted admission to all educational institutes or examination fees. Students, faculty or staff are also allowed GST on Transportation Services, but these allowances are given only to institutions providing education to secondary education. The services provided under the RTE Act are exempted from GST. GST rates on tellering services have been reduced from 18% to 5%. Services such as Theme Park, Water Park, Joey Ride, Mary Go Round, Go Cutting Ballet will now be 18 Yaka GST, which was earlier 28%. The exemption limit on service rendered to RW members has been increased from Rs. 5,000 to Rs. 7500. Transportation services have been exempted from GST for sending goods through a plane outside India. Similarly, on the sending of goods from the sea ship, GST has been allowed, which will remain unchanged till September 30, 2012. GST has been reduced from 18% to 12% on Metro, monorail construction project. A 12% concessional rate of GST will be applicable to a mid-day mill building. Jobcentre service for leather goods and footwear manufacturing has been reduced by 5 percent to GST.
Under the PM housing scheme, the GST rate has been reduced on home production under the declared credit link subsidy scheme for EWS, LIG, MIG One and MIG Bhawan.
Besides, there will be no tax on 40 items of ear machines and handicraft products (handicraft)
