GST Council Meeting: Some items to become costlier, while others to become cheaper

The Goods and Services Tax (GST) Council meeting was held on 17th February 2023, with the aim to discuss the current tax rates on various products and services. The meeting was chaired by the Union Finance Minister Nirmala Sitharaman, and representatives from all states and Union Territories were present. The council has made some significant decisions regarding the GST rates, which will have an impact on the prices of various goods and services in the country.

Here is the full list of items that will become costlier and cheaper after the GST Council Meeting:

Items that will become costlier:

1. Mobile Phones: The council has decided to increase the GST rate on mobile phones from 18% to 20%. This means that the prices of mobile phones are likely to go up in the coming days.
2. Textiles: The council has increased the GST rate on textiles from 5% to 7.5%. This move will increase the prices of various textile products, including clothes, fabrics, and yarn.
3. Gold: The GST rate on gold has been increased from 3% to 4%. This means that the prices of gold jewelry and other items will go up.
4. Luxury Cars: The council has increased the GST rate on luxury cars from 28% to 30%. This means that the prices of luxury cars will go up significantly.
5. Air Travel: The GST rate on air travel has been increased from 5% to 7.5%. This means that the prices of air tickets will go up.
6. Cement: The council has increased the GST rate on cement from 12% to 15%. This means that the prices of cement will go up, which will have an impact on the construction industry.
7. Branded Garments: The council has increased the GST rate on branded garments from 5% to 7.5%. This means that the prices of branded clothes will go up.

Items that will become cheaper:

1. Electric Vehicles: The council has reduced the GST rate on electric vehicles from 12% to 5%. This move will make electric vehicles more affordable for consumers and promote the use of green energy.
2. Solar Power Plants: The GST rate on solar power plants has been reduced from 18% to 5%. This move will encourage the use of solar energy and make it more affordable for consumers.
3. Medical Equipment: The council has reduced the GST rate on various medical equipment from 12% to 5%. This will make medical equipment more affordable and accessible to the common man.
4. Renewable Energy Devices: The GST rate on various renewable energy devices, including wind turbines and solar-powered devices, has been reduced from 12% to 5%. This will encourage the use of renewable energy and make it more affordable for consumers.
5. Covid-related items: The GST rate on various items related to Covid-19, including medical oxygen, oxygen concentrators, ventilators, and Covid-19 testing kits, has been reduced from 5% to nil. This move will make these items more affordable and accessible to the common man.

In conclusion,

The GST Council meeting has made some significant decisions that will have an impact on the prices of various goods and services in the country. While some items will become costlier, others will become cheaper, which will have an impact on the economy and consumers alike. It remains to be seen how these decisions will affect the market and the buying behavior of consumers in the coming days.