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Few more days for GST to roll out.. Know what changes this would bring to a common household’s life.

Goods and service taxes, as the name suggests, are the taxes levied on the goods and services we consume. Currently most of these goods and services come under a taxation policy that imposes many different taxes on them like excise, VAT, service tax. If you have noticed any of your recent restaurant bills, you can find changes under various category of taxes. This is what the GST would be replacing. There would be only one category of taxes shown on such bills after 1 July 2017.    


For GST imposition the goods and services we consume are categorized under four major heads. Thus you can say that there are 4 tax slabs under GST. The following points are worth noting regarding this new taxation system:
  • The first category of goods include Edible oil, spices, tea, coffee on which current taxes make upto 9% however, GST would be only 5% on these goods. So you next purchase of these daily needs is going to be cheaper.
  • The second category is of 12% GST that would be levied on Computers, processed food on which we currently pay taxes between 9 to 15%. Thus, few goods in this category would get cheaper and few would become a bit costlier.
  • The third category of products include Soaps, oil, shaving sticks etc. which would be charged at 18% under GST reforming the current taxes that charge between 15 to 21 %.
  • The last category of goods are luxury goods and include luxury cars, tobacco, aerated drinks which are surely going to become costlier under GST which is going to charge 28% instead of currently levied taxes that make up only 21%.
  • GST will make small cars, DTH service, eating at restaurants and daily need products like soaps, shampoos, chocolates cheaper for us.
  • Buying smartphones, buying jewelry and buying or renewal of insurance is going to be costlier with GST.
  • Online shopping may also become a less goods deal with GST.
  • Electric fans, coolers, LED TVs and readymade clothes are some of the useful electronic items that would go cheaper with GST.
  • Courier services, staying at start rating hotels and eating at five starts would become costlier.
Note that road taxes and toll taxes are not part of GST so they are going remain as they are.

(This information is collected form trustworthy newspaper and new articles.)

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Comments

  1. Thanks for the information. This post clarifies so much.

    ReplyDelete
  2. Wow! This is explained so well! I actually did not realise GST would affect so many aspects of daily life till I read this! Thanks for sharing. This is really handy!

    ReplyDelete
  3. Oh thanks for sharing this. I had no idea that some goods would actually become cheaper.

    ReplyDelete
  4. Great piece of information about GST... we will soon be launched to the new world of GST...

    ReplyDelete

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