In the 47th meeting held in June by the Goods and Service Tax Council, the latest GST Rates were declared to be effective from 18th July 2022. With the prices of essentials such as Petrol, LPG, etc., being already high due to inflation, the latest GST Rates may set a strain on the daily household budgets.
The Central Board of Indirect Taxes and Customs (CBIC) has implemented that all food packaged commodities such as cereals, pulses and flour that weigh up to 25 kilograms are to be categorised under “Packaged and Labelled Commodity” and will be liable for a 5% GST to be effective from 18th July 2022.