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Tata Capital > Blog > Loan for Business > GST Rates 2022 – A Complete List of Goods and Service Tax Rates, Slab & Revision

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GST Rates 2022 – A Complete List of Goods and Service Tax Rates, Slab & Revision

GST Rates 2022 – A Complete List of Goods and Service Tax Rates, Slab & Revision

Every year, the Government of India introduces new amendments to the GST tax norms. These modifications hit all industries and businesses alike, forcing them to re-evaluate their position. If you, too, are a business owner, it’s best to be familiar with these changes and adapt your operations accordingly, along with your business loan EMIs, if any.

So, here are the GST rate changes you need to be wary of.

Coaching institutes will pay 18% GST on composite supply

Coaching centres will now have to mandatorily pay 18% GST on their bundled services and supplies. These centres usually charge hefty amounts from the students, but deposit GST on individual commodities, on which rates are relatively lower, leading to subdued payments.

Additional Read: Impact of GST on Real Estate and Home Buyers Post Covid

GST rates in India hiked for textile

In January 2022, the government hiked the GST on completed items such as textiles, clothes, and footwear from 5% to 12%. These tax changes apply to all garments, regardless of their value. Earlier, the changes only applied to clothes valued more than Rs. 1,000.

E-commerce operators will have to pay GST under Section 9(5)

Another GST rate 2022 change that you should be wary of is that e-Commerce operators are now liable to pay their share of GST under Section 9(5) for the carrier services, cab services, etc., provided for the transportation of passengers. These changes also include providers that use omnibus for the transportation of passengers. However, if you run a food supply service from a hotel, and if your declared tariff per unit is below Rs. 7,500, you’re exempted from paying GST.

GST reduction on Indian biodiesel blending

To incentivise biofuel production, India’s GST regimen has slashed taxes on oil marketing companies, with taxes decreasing from 12% to 5%. This disruptive decision will offer robust momentum to the biodiesel industry.

GST exemption for hostel-owners

Recently, the Authority for Advance Ruling (AAR) declared that hostels, which charge an accommodation fee of Rs. 1,000 or less will be exempted from paying GST.

Other GST changes

  • Several items under the food and beverages category have had the taxes reduced for them. Items that had 28% GST now have 18%, those with 12% GST now have 5%, and those with 18% earlier now have 12%.
  • No GST changes for safety and security items
  • GST on miscellaneous items like stone/marble/wooden deities, sanitary napkins, commemorative coins has been removed completely.

Additional Read: What Is GST on Personal Loan – Impact, Working and More

Wrapping up

Now that you’re aware of the various GST changes introduced by the government, you can evaluate your businesses’ tax liability and make an informed decision regarding the costs associated with your business.

You can also take a business finance loan from Tata Capital to keep your business afloat if the GST changes are particularly punishing this year. With our low business loan interest rates, fast processing and disbursals, and excellent customer service, you’ll have no worries while getting and repaying our loans.

Start the loan procedure by checking your business loan eligibility on our website today!

Apply Now

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