Prices of pre-packaged food items like milk packaged products – curd, lassi, paneer and buttermilk will increase. The government has increased the rates of Goods and Services Tax (GST) on all essential items. The new rates have come into effect from today.
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Everyday items are getting expensive from today. There will be more burden on the budget of the people facing inflation. The government has increased the rates of Goods and Services Tax (GST) on all essential items. The prices of curd, lassi, rice, paneer, flour and other household items may see an increase from today. Now it is clear that goods are getting expensive, but how much will the maximum retail price (MRP) or current prices of any item increase. This is a big question. Will now customers have to pay GST even after taking one kg of flour?
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According to the new notification of the Central Board of Indirect Taxes and Customs (CBDT), the rates recommended by the GST Council are being implemented from July 18.
Discount will be available on more than 25 kg
According to the Central Board of Indirect Taxes and Customs (CBDT), single packets weighing up to 25 kg of food items like cereals, pulses and flour will attract GST. The Revenue Department of the Union Finance Ministry has clarified many things related to GST on Prepackaged and Labeled. According to this, if the packing of edible items like flour, rice is done under the Legal Metrology Act 2009, then the weight of more than 25 kg will not attract GST.
Relief for retail customers
At the same time, if the weight of 5-5 kg packets is exceeded by 25 kg, then in this case GST will have to be paid at the rate of 5 percent. The exemption on GST will be available only if the weight of a single packet is more than 25 kg. If a retailer buys 25 kg packets directly from the distributor or product manufacturer and sells it in retail quantity. In such a situation, customers will not have to pay GST.
will affect your pocket
If you buy a packet of 10 kg flour from the market, then you will have to pay 5% GST on the fixed price. Suppose the price of 10 kg of flour in the market is Rs 345, then you will have to pay 5% GST on this price. In such a situation, the price of 10 kg of flour will increase by Rs 17.25 and you will have to pay Rs 362 for it. However, the GST exemption will continue on unbranded products sold in the open.
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Dairy products will become expensive
Prices of pre-packaged food items like milk packaged products – curd, lassi, paneer and buttermilk will increase. The rate of fish and mint will also increase. The government will charge 5% GST on these products. The GST Council has taken this decision at a time when inflation in the country still remains at a high level for many years and on the other hand the GST collection is getting better.
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Increased GST collection
According to government data, the GST collection in the month of June increased by 56 per cent year-on-year to Rs 1.44 lakh crore. This was the fifth consecutive month when the government received more than Rs 1 lakh crore revenue from GST. In May, the government had received Rs 1.40 lakh crore from GST.
