With the new Goods And Services Tax (GST) rates applicable from Monday, customers will have to spend extra on a host of items ranging from groceries to electronic goods. The decision to revise the GST rate was taken at the 47th GST Council Meeting between June 27-29.
After the conclusion of the GST Council Meeting, Union Minister Nirmala Sitharaman said, “The GST Council, at a two-day meeting here (Chandigarh), accepted recommendations for rate rationalisation made by different groups appointed by it, resulting in tax changes.”
Notably, during the meeting, the council also removed duty inversion for goods where the taxes on inputs are higher than those on the output.
The new GST rates come at the back of soaring retail and wholesale inflation. Here is a list of items that are going to get costlier and cheaper from today with the GST rate hike.