New GST Rates in India
new GST rates in India. In the 45th meeting of the GST Council held in Lucknow on Friday, 17th September, many big decisions related to GST were taken. In which Nirmala Sitharaman ji has decided to increase the rate of GST in many goods and services. In this meeting, there has been a discussion about reducing the GST rates in any item and increasing it in some. In the council meeting, Nirmala Sitharaman said that GST will not be applied on diesel and petrol as of now. Because the state is yet to agree to bring petrol and diesel in favor of GST. It was also decided in this meeting that no GST will be levied on the medicines of COVID-19 till December 31, 2021.
Will GST be applicable on petrol and diesel in 2021
Friends, ever since GST was implemented in the country. Since then there is a council under GST which is headed by the Finance Minister. And the finance ministers of all the states also participate in it. Friends, there was a 45th council meet on 17th September. It was to be discussed in this council that what should be the rate of GST, what changes can be made in different items. Some major changes have been made in the 45th council. But it has been confirmed by the Finance Minister that at present petrol and diesel will not be taken under the GST purview. But there was a discussion on this, the reason for which was that the Kerala High Court had said that petrol and diesel should also be considered. For now only discussions have been done but GST has not been applied on them yet.
When will the new GST rates be applicable in the country?
What are the new gst rates? And when will the new gst rates be applicable in the country. If these questions are also coming in your mind, then from October 1, 2021, the new rates of GST will be applicable in the country. If you only buy the goods or services related to the table given below by me, then you will also have to pay more GST on it.
Which goods and services will attract GST?
In the new GST law, GST will not have to be paid on 2 life saving medicines of children. And till December 31, 2021, no tax will have to be paid on the medicine of Corona. GST on cancer medicine has been reduced from 12% to 5%. All these taxes will be applicable from 1 October 2021.
NEW GST RATES list of October 2021
What is new gst rates list of goods
- no. From % To %
SPEACIFIED renewable energy device and parts 5% 12%
Oren & concentrate of metal such a iron & copper 5% 18%
Waste and scrap of polyurethanes and other plastic 5% 18%
IGST of import on medicine for personal use 12% NILL
Biodiesel supplied to OMCs for blending with diesel 12% 5%
Medicine keytruda for treatment of cancer 12% 5%
Railway parts 12% 18%
Miscellaneous goods of paper like cards and catalogues 12% 18%
Catron, boxes, bags , packing continuers of paper 12%, 18% 18%
All kids of pens 12%, 18% 18%
Fortified rice. 18% 5%
IGST exeption on goods –supply at indo-Bangladesh border APPL . RATE NILL
Retro fitment kids for vehicle used by the disabled APPL . RATE 5%
What is new GST rates on service in 2021
Particular From To
Licensing service to broadcast & show original films, radio and T.V. Programmers 12% 18%
Printing & reproduction service of recorded media 12% 18%
Service by way of grant of national permit to goods carriage of payment of free 18% NILL
Skill training for which govt. 18% NILL
What are important decision in 45Th council meet
Friends, this meeting of gst council has been a matter of long time, there are 2 big reasons for doing it. One was that the rates of GST were reduced significantly in the medicine of covid 19 and its validity was till 30 September but in this meeting its duration has been increased to 31 December 2021. And apart from this, the rates of GST have also been reduced on the other medicine.