By Gunjan Rajput

Copyright republicworld

The Central Board of Indirect Taxes and Customs (CBIC) has issued fresh rules that replace the earlier 2017 framework. These new rules revise GST rates on several categories, expand the list of exempted goods, adjust compensation cess, and bring clarity for sectors like handicrafts, petroleum, and constructionThe list of GST-exempt goods has been updated, making some everyday essentials cheaper. This change is aimed at giving relief to households and reducing compliance costs for small businesses that supply essential commodities.The handicraft sector now has clearer GST slabs. This is expected to benefit artisans and exporters by removing ambiguity on tax rates. For consumers, it could mean better pricing and availability of traditional handmade products.Yes. The compensation cess on luxury and sin goods such as premium cars and tobacco products has been adjusted upward. The move ensures steady revenue for states while discouraging excessive consumption of non-essential items.The new rules rationalize GST on goods imported for petroleum operations. Industry experts say this could reduce production costs in the energy sector, potentially stabilizing consumer fuel prices in the long term.For most brick manufacturers, the GST structure under the special composition scheme remains unchanged. Only specific types, such as sand lime bricks, see adjustments. This ensures the construction sector continues smoothly, avoiding a direct rise in housing material costs for consumers.In short:Cheaper: Essential goods, handicrafts, and petroleum-linked products.Costlier: Luxury cars, tobacco, and other sin goods.Unchanged: Most bricks and standard construction inputs.The overhaul balances affordability for households with the government’s need to maintain revenue. Shoppers may start noticing lighter bills for essentials, even as luxury goods pinch the pocket more.