Table of Contents
What became cheaper after GST?
No tax items: Daily items like milk, cereals, meat and curd have been exempted from the GST. Services like religious travels, Haj yatra, metro travel, education and healthcare will not be taxed. Cheaper: Auto: Two-wheelers, large cars, white goods and SUVs are all expected to become cheaper.
How much is GST on a product?
In India GST rate for various goods and services is divided into four slabs: they are 5\% GST, 12\% GST, 18\% GST, & 28\% GST….Revision of GST Rates announced in the 31st GST Council Meeting.
| Goods or commodities | New rate | Old rate |
|---|---|---|
| Power banks | 28\% | 18\% |
| Movie Tickets worth more than Rs.100 | 28\% | 18\% |
What is the rate of GST on special goods?
70\% of value is considered as supply of goods and taxed at 5\% GST….
| SL.no | List of Goods/Services | Changes in Tax Rate |
|---|---|---|
| 12 | Movie Tickets < or = Rs 100 | 18\% to 12\% |
| 13 | Premium on Third party insurance on Vehicles | 18\% to 12\% |
| 14 | Accessories for Handicapped Mobility Vehicles | 28\% to 5\% |
| 15 | Power banks | 28\% to 18\% |
What is the need to bring GST in India?
Increase in revenue: One reason behind the need for GST was also to boost the revenue from the indirect taxes in the nation. GST is easy to understand, and a simple tax structure will bring more taxpayers and in return, it will increase the revenue for the Indian government.
How much is GST on a phone?
The rate of GST on mobile phones and accessories were increased to 18\% from 12\% with effect from 1st April 2020 at the 39th GST Council meeting.
What will be the benefits of GST on food items?
Food including fresh meat, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, gramflour, salt, prasad and bread will become cheaper. Food grains will cost lesser. Processed food items will be cheaper as the tax rates will be slashed from 15\% to 5\% under GST.
What will be the impact of GST in India?
Paint, cement, electrical items, consumer durables are expected to get cheaper. The following commodities and services are going to pinch one’s pocket under the GST regime: Beverages including tea, coffee and aerated drinks. All kinds of Indian spices.
Which items will see a fall in price in 2019?
Thus the price of the following essentials as well as healthcare items are slated to see a fall in price: Food including fresh meat, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, gramflour, salt, prasad and bread will become cheaper. Food grains will cost lesser.
What will be the impact of GST on the entertainment industry?
Entertainment services like Movie theatres and amusement parks will become cheaper. Airfares for economy class travel has been placed under the 5\% bracket and expected to go down under the GST. With tax on branded good slashed from 23-24\% to 18\%, this category will become more affordable.