GST rollout from July 1st
Exclusive News! GST rollout from July 1st 2017 and it is the historic launch set by the Government Of India…Want to know those Goods or Services will be Cheaper & Costlier and how GST Will Affect Your Everyday Life? Then must go through this single page and get complete information about how this Goods & Service tax will impact the prices of goods and services.
GST council led by Finance Minister Mr. Arun Jaitley will divide the rates into four categories such as 5, 12, 18 and 28 per cents and fitment for all the goods and services will be done taking into account the current levels of state and central levies exercised on them. After implementing Goods & Service tax, it is expected that the Indian economy will see an inflationary effect immediately.
GST rollout from July 1st
Products List With Current Or New Rates
|Product’s List||Current Rates||New GST Rates|
|Edible oil, tea, coffee||Upto 9%||5%|
|Spices Processed food items|
|Economy class airfares, Solar panels|
|Processed Food Business||9% – 15%||12%|
|Umbrellas And Mobiles|
|Soaps, Shampoos, Hair oil, Tooth paste, Shaving Creams etc.||15% – 21%||18%|
|Budget Hotels Services Like Dining In Restaurants|
|Booking Air/Railways Tickets|
|DTH And Mobile Services|
|Luxury Goods (Additional cess of upto 15 % may be put on luxury cars, tobacco, aerated drinks) High-end hotels with Rs 5,000 plus tariff||21%||28%|
Keep An Eye On:
- Good news for travelers as hotels with tariff below Rs 1,000 have also been exempted from Goods & Service Tax.
- There is no tax for spiritual / pilgrimage travels, Haj yatra, metro travel, education and healthcare
- There will be no tax (0% tax) on Prasad, stamps, legal papers, eggs, meat, milk, curd, salt, bread, fruits, vegetables, food grains, essential medicines, printed books, and newspapers, etc.
Check the List of Goods or Services will be Cheaper & Costlier
GST council has also decided to set up an anti-profiteering committee which will take up complaints and suggested actions to make sure that the profit of lower tax rates under the GST is passed on to consumers and industry does not jack up prices. Here we’re going to provide the list of Goods or Services will be Cheaper & Costlier, take a look…
List Of Things That Become Cheaper:
- Entry-Level Electronic Items, Fans, air coolers, lighting, water heaters, computer monitors, and printers.
- FMCG goods such as soaps, hair oil, toothpastes, over-the-counter drugs etc
- Pharma products, Insulin
- Processed food items, Biscuits
- Ready-made clothes, including branded apparel (up to Rs 1,000)
- Movie tickets priced up to 100 (will be taxed at 18%)
- Cement, paint and other construction material
- Solar panels, Point of Sale (PoS) machines and fingerprint scanners
- Economy class airfares
- Budget hotels and restaurants
- Kerosene, coal, domestic LPG
- SUVs and luxury cars
Why These Things Become Cheaper? Check Here:
As per the current tax rule, the consumer pays around 24% – 26% more than the cost of production due to value added tax (VAT) and excise duty so with the GST rate expected to be 18% for most goods, they are expected to become cheaper.
List Of Things That Become Costlier:
- High-end hotels with Rs 5,000 plus tariff and restaurants that serve liquor
- Appliances like ACs, TV, Refrigerator, vacuum cleaner, dishwasher and washing machines
- Mobile bills and internet packs
- Jewellery and high-end accessories
- Rail transportation, air travel and rent-a-cab services
- DTH, Wi-Fi, cable TV and courier services
- Small and mid-sized cars (diesel as well as petrol)
- Tobacco/Cigarettes, Pan Masala, Aerated drinks
- Luxury personal care products like deodorants, perfumes, shampoos, shaving creams, hair dyes
- Insurance premiums, banking charges and school fees
- Online Shopping (however, this is expected to be balanced by lower costs of logistics and smoother inter-state transport because of a uniform tax rate)
- Movie tickets priced 100 or more (will be taxed at 28%)
- Gold and gold Jewellery
Why These Things Become Costlier? Check Here:
Presently the effective service tax rate is 15% and it applies to almost all services so under Goods & Service Tax, this rate will raise up to 18% making services by and large more costly.
The Goods & Service Tax (GST) is expected to give a much required structure for solid financial growth and the proposed sales tax under the GST will also serve to decrease the existing costs of production and improve the manufacturing sector. The GST council is yet to establish the rules regarding tax reimbursement, registration, invoice debit and credit, the structure on input-tax credit, valuation.
So dear visitors, don’t Be Misled by Delay Rumours because GST rollout from 01st July 2017 and Finance Minister Mr. Arun Jaitley said that preparations are in full swing for a smooth implementation of the landmark reform Goods & Service Tax. For more updates in upcoming days, you’re advised to bookmark our web portal recruitmentresult.com and get latest updates on your instant access. Thank You For Visiting Us…