: GST rate changes to be effective from July 18 #FinanceIndia #StockMarketNEWS GST rate changes to be effective from July 18 New Delhi, July 15 (KNN) The central Board of Indirect Taxes and Customs

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GST rate changes to be effective from July 18 #FinanceIndia #StockMarketNEWS
GST rate changes to be effective from July 18 New Delhi, July 15 (KNN) The central Board of Indirect Taxes and Customs (CBIC) on Thursday notified that all the changes in the GST rates will come into effect from July 18.

As per the recommendation of the 47th GST Council meeting that was held in Chandigarh, the Goods and Services Tax (GST) will be hiked for numerous items.

Finance Minister Nirmala Sitharaman had earlier announced the rate changes of items such as knives with cutting blades, spoons, forks, ladles, skimmers, cake servers, fish knives, butter-knives, sugar tongs and similar kitchen or tableware, bicycle pumps, parts of air or vacuum pumps and compressors of bicycle pumps, among others.

The GST on printing/writing or drawing ink, LED lamps, lights and fixtures and their metal printed circuit board has been hiked to 18 per cent from 12 per cent.

The rate change on solar water heaters and systems is up to 12 per cent from the earlier 5 per cent.

The hospital rooms with rent over Rs 5,000 will now have a GST of 5 per cent levy on them.

Hotel accommodation to become expensive as hotels that charge below Rs 1,000 a day will come under the GST net. (KNN Bureau)