NEW GST Rates To Be Applicable From Today, Will Impact Household Budget
Last updated on August 18th, 2022 at 06:50 pm
GST has been imposed on many household things including pre-packaged cereals, pulses, flour, buttermilk, curd & paneer. There will also be 5% GST on hospital rooms.
From Monday, GST will be in effect for numerous food items. These include cereals that have already been packaged, lentils, flour, buttermilk, curd, and paneer.
Earlier, these home items were exempt from GST, but now they are subject to a 5 percent GST. This may help the regular folks who are already struggling with inflation by easing their pockets even more.
The price of these items may rise by 5 to 8 percent after the implementation of the 5 percent GST, according to analysts.
The GST would be applied to a variety of items, it was decided at the most recent GST Council meeting in Chandigarh. These tariffs are now in force as of today, July 18, 2018.
The country’s largest dairy producer, Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells milk products under the Amul brand, announced a 5% price rise for buttermilk, curd, and lassi.
Additionally, there are plans to raise the cost of beverages packaged in Tetra Pak by 5%. Tetra Packs now have an 18% GST tax instead of the previous 12% rate.
Dairy goods and liquid beverages are packaged using Tetra Pax.
Manish Bandish, the MD of Mother Dairy Fruit and Vegetable, stated that several goods’ pricing had altered due to the new GST rates.
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As a result of rising input costs, according to Srivatsan Krishnamurthy, business leader (cold chain) at CavinKare, which offers milkshakes, paneer, lassi, and buttermilk under the Cavin brand, the regulated dairy sector is already under a lot of strain.
Given this circumstance, consumers will pay extra for dairy goods as a result of the GST being applied to them.
For the first time, prepackaged beans, flour, cereals, curd, and lassi are now covered by the GST. Retailers assert that this will have an impact on customers who like purchasing loose goods from the grocery store.
The government has made it clear that even if these items are still put in bags or packs weighing more than 25 kg, GST will not be charged on them.
The Union Finance Ministry has also provided clarification on this matter. According to what has been said, if a single package of food items like rice, wheat, or pulses weighs more than 25 kg, GST will not be applied.
