A major change has been implemented in the Goods and Services Tax (GST) from today. The new GST rates have come into effect. Many everyday items will become cheaper after the new rates are implemented. In such a situation, let us tell you what the 10 things you should keep in mind...
Life insurance policies will be exempt after the implementation of the new GST rates. All individual life insurance policies are now exempt from GST. This will directly benefit the common people.
Health insurance exemptions: Individual health insurance policies will also no longer be subject to GST. This will keep people's tax money in their pockets, which is a relief for the common people.
Why medicines were not completely exempted from GST: The Finance Ministry stated that while medicines may not have been fully exempted, they have now been placed in the 5 percent slab. The Ministry stated that if medicines were fully exempted, manufacturers would lose the ability to claim ITC on inputs such as raw materials and packaging.
How much GST is applicable on which type of milk? Ultra High Temperature (UHT) milk obtained from dairy sources is completely exempt from GST. However, this exemption does not apply to plant-based milk. Under GST 2.0, all plant-based milk beverages, including soy milk, will now be taxed at a uniform 5 percent.
What will be the impact on face powder and shampoo? The new GST reform will reduce the prices of face powder and shampoo. According to information shared by the Finance Ministry, the rate reduction is not to benefit large companies, but to simplify the GST structure.
What will be the impact of GST on rent? It is said that leasing or renting goods without an operator attracts the same tax rate as the actual goods. Simply put, if the sale of a car attracts 18 percent GST, leasing or renting a car without an operator will also attract 18 percent tax. This principle applies to other goods as well.
GST rates on imports: Revised rates under GST 2.0 will also apply to imports. Integrated GST (IGST) will be levied at the new rates from September 22nd. This will apply unless specific exemptions are notified.
Passenger transport by road will continue to be taxed at 5 percent without input tax credit (ITC). For air travel, economy class tickets will continue to be taxed at 5 percent, while business and other premium classes will continue to be taxed at 18 percent.
GST on local delivery services: Under the new rules, if local delivery services are provided by an unregistered service provider from an e-commerce operator, the GST liability is shifted to the e-commerce operator.
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