Wednesday, June 12, 2024

New GST Rates Came Into Force, Know The Impact On The Price Of Things

New GST rates have come into effect from Wednesday, March 1, due to which fluctuations in the prices of many types of items will be seen.

Explain that the 49th meeting of the GST Council was held on February 18 under the chairmanship of Union Finance Minister Nirmala Sitharaman.

According to the Finance Ministry, GST revised rates ie changed rates have come into force from Wednesday. This will affect many things. In the new rates, GST on pencil sharpeners has been reduced from 18 percent to 12 percent. This has made pencil sharpeners cheaper.

Apart from this, the GST Council has reduced the tax on Liquid Jaggery (Raab), due to which it will also become cheaper. It has been said that only packaging and labeling jaggery will attract 5 percent GST, there will be no GST on loose liquid jaggery.

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The Finance Ministry on the behest of the Center has reduced the late fee for those filing annual returns through the GSTR-9 form. Late fees have been reduced to Rs 100 per day for those with a total turnover of Rs 20 crore since the last financial year. On the other hand, the late fee will be Rs 50 per day on a turnover of Rs 5 crore.

In a statement issued by the Finance Ministry on Wednesday, it was said that in the month of February this year, the GST collection has increased by 12 percent to reach Rs 1 lakh 49 thousand 577 crores.

Not only this but a record cess collection of Rs 11,931 crore was also done this month.

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