The GST council’s decision to revise the GST rates to bring more items under its umbrella was made public by Finance Minister Nirmala Sitharaman on Wednesday, Jun 29, 2022. The revised GST rates will be applicable from July 18 onwards which will lead to an increase in the cost of several goods and services. The Finance Minister, while announcing the GST council’s verdict, made it clear that the inefficiencies in the “value chain” will be taken care of with the new GST rates.
Given below is the list of items that will cost more to the public come Jul 18, 2022.
Here is the list of items and services that will become cheaper after the new GST rates are implemented on July 18:
The Finance Minister also reiterated that the council is considering the GST rate rationalization seriously. It is one thing for technology to correct any anomaly or inefficiency that has a positive impact on revenue collections, but the decline in the revenue-neutral rate requires a correction said Sitharaman. Several measures were also cleared to ensure fraudulent entities do not get GST registration.