On Saturday, the Finance Minister Arun Jaitley finalised the tax rates under the Goods and service Tax (GST) on most of the products.
Here is a list of things which will be little cheaper.
The entertainment, cable and DTH taxes have reduced alot. As previously entertainment tax was levied by the states and now all will be subsumed in the GST and the effective levy has been kept at 18 per cent.
2. Food grains
Food grains have been exempted from the GST Bill, now that’s one thing you should be happy about.
3. Transport Services
The current tax rates of cabs will be reduced from 6% to 5%,
India might well continue on the path of its smartphone revolution. The tax on smartphones will come down from 13.5 % to 12%
Now lets look at the things which are gonna be affected because of the GST.
- Personal Care Items
The current tax rate of 22% will go upto 28%. Girls, its gonna be more expensive for you to be decked up for the party with your fancy makeup and perfumes.
2. Mobile Bills
The current rate of 15% is going to be raised by 18% and it’s high time we make our calls shorter to our friends and family.
3. Electronic Appliances
Under GST, Television sets Air Conditioners and Washing Machines will be getting more expensive.
Wedding expenses may surge under GST as the rate finalised for the yellow metal is 3%. Presently, gold is taxed around 2 per cent (1 per cent excise and 1 per cent VAT or value-added tax). However, some states charge a higher VAT. The prices may go slightly up though analysts believe tax incidence might not be very different.
The only item left by the GST council to be billed out yet. In the next session of GST council on June 11 the rate will be fixed. It is expected for atleast 28% increase in the tax.