GST Rate Changes: List of Items Getting Expensive and Cheaper From July 18

July will make a bigger hole in the common man’s pocket as a few items are getting expensive soon. GST rate changes are done on Wednesday after the 47^th Council Meeting in Chandigarh.

Finance Minister Nirmala Sitharaman has accepted the recommendations of four GoMs in the meeting. And all the changes will come into effect from July 18.

This will put pre-packed as well as a few unpacked items under the slab of GST. Get the full list of items that are going to put a burden on the public’s budget here.

What’s Getting Costlier Under GST Rate Changes?

In the meeting, they discussed on changes in tax slab, rate rationalization, tax on online gaming, and more.

Here are the key decisions taken

1. States will decide the e-way bill for intra-state supply of gold and precious stones
2. No GST registration mandatory for online retailers for transactions within state. However, it is applicable only if transaction amount is less than Rs 40 Lakh
3. No decision on GST compensation cess for states
4. GoM on rate rationalization gets 3 months extension
5. GoM suggestions on IT reforms get approval from the council
6. High-risk taxpayers will go through a strict verification process. They will have to submit an electricity bill for registration which is mandatory.
7. Timeline for GST compensation cess levy extended until March 31, 2026.

However, no decision on 28% GST on online gaming. Decision on establishment of GST tribunal, GST Appellate tribunal and tax on Casinos is yet to be taken.

The council will decide on these matters in the next meeting. It will take place on August 1.