People of India from today wake up to a new beginning.
entire nation will be paying one tax in form of GST , Goods and Services Tax which will change not only the economy of the country but also the economy, situation of the individuals and business establishments. financial
Now here is what GST has got in store for the common man. GST will be a four-tiered tax system with applicable tax slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
GST will help the government to keep a tab on tax evaders. The Goods and Services Tax Network (GSTN) will
allot specific numbers to all traders and manufacturers registering themselves with the system. Like the PAN, these numbers will help the government keep a tab on these traders and the tax returns they file.
Essential goods like salt, primary produce, flour, milk, eggs, tea, coffee, jaggery, curd, fish, chicken, buttermilk,natural honey, fresh fruits, lassi, unpacked paneer, fresh vegetables, fruits, flour, besan, maida, vegetable oil, sindoor, prasad, contraceptives, bread, bindi, stamp, judicial documents, printed books, bangles, and handloom products are exempted from GST.
Here are the goods that become cheaper and costlier
The Expensive List Under GST
Mobile telephone bills (from existing 15% service tax, telecom bills can now attract 18% tax under GST)
Banking, Investment Banking, Wealth Management Services
WiFi Services, DTH Services
Online booking of bus/train/air tickets
Residential and Commercial Rentals
Healthcare/ School Fees
Metro fares/ Rail fares/ Airfares
Tobacco, Cold Drinks and Junk foods (Cess of 290% on tobacco products and Sin Tax for cold drinks and junk foods has already been planned under GST)
The Cheap List Under GST
Movie tickets (Entertainment tax would be absorbed under GST, hence, cheaper tickets)
Dining in restaurants (Service tax would be reduced)
Entry level sedans
Televisions/ AC/ Refrigerators (Currently, televisions and electronic appliances are charged 30% tax, which will come down to 18% for small-screen TV and 28% for AC,
refrigerators and others)
Essential food items like edible oil (Under GST, tax on these items will fall from 30% to 28% and in some cases, even 18%)
Basic food products like wheat, rice, pulses
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