<\/p>\n\n\n\n
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\u2019s best to be familiar with these changes and adapt your operations accordingly, along with your business loan<\/a> EMIs, if any.<\/p>\n\n\n\n So, here are the GST rate changes you need to be wary of.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Additional Read:<\/strong> Impact of GST on Real Estate and Home Buyers Post Covid<\/a><\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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\u2019re exempted from paying GST.<\/p>\n\n\n\n To incentivise biofuel production, India\u2019s 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Additional Read:<\/strong> What Is GST on Personal Loan \u2013 Impact, Working and More<\/a><\/p>\n\n\n\n Now that you\u2019re aware of the various GST changes introduced by the government, you can evaluate your businesses\u2019 tax liability and make an informed decision regarding the costs associated with your business.<\/p>\n\n\n\n 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<\/a>, fast processing and disbursals, and excellent customer service, you\u2019ll have no worries while getting and repaying our loans.<\/p>\n\n\n\n Start the loan procedure by checking your business loan eligibility<\/a> on our website today!<\/p>\n\n\n\nCoaching institutes will pay 18% GST on composite supply<\/strong><\/h2>\n\n\n\n
GST rates in India hiked for textile<\/strong><\/h2>\n\n\n\n
E-commerce operators will have to pay GST under Section 9(5)<\/strong><\/h2>\n\n\n\n
GST reduction on Indian biodiesel blending<\/strong><\/h2>\n\n\n\n
GST exemption for hostel-owners<\/strong><\/h2>\n\n\n\n
Other GST changes<\/strong><\/h2>\n\n\n\n
\n
Wrapping up<\/strong><\/h3>\n\n\n\n