GST will have a far-reaching impact on the prices we pay for goods and services that we consume on a day-today basis.
Mumbai: The Goods and Services Tax that is set to go on floors from midnight of June 30 will have a deep impact on not just taxes across the country, but also on the pocket of the common man.
The four-tiered GST will subsume a host of levies like octroi, service tax, VAT, etc. This will have a far-reaching impact on the prices we pay for goods and services that we consume on a day-today basis.
Here is your guide to effective tax rates for items that you purchase regularly:
Many essential goods such as salt, primary produce, flour, milk, eggs, tea, coffee, gur, curd, fish, chicken, buttermilk,natural honey, fresh fruits, lassi, unpacked paneer, fresh vegetables, fruits, atta, besan, maida, vegetable oil, sindoor, prasad, contraceptives, bread, bindi, stamp, judicial documents, printed books, bangles, and handloom products are exempt from taxation.
Consumer goods like perfume, cosmetics, cheese, butter will see a fall in prices, according to an NDTV report.
Shopping will effectively be cheaper, as footwear below Rs 500 and garments below Rs 1000 will attract taxes lesser than the existing ones.
Everyday requirements like biscuits, jam, cereals, babyfood will become costlier under the GST regime.
Goods like canned vegetables, meat, paneer will attract more tax now and will be costlier than before, according to data collected by Bloomberg Quint. However, taste-makers like meat and fish preparations will be cheaper.
Mumbai: The Goods and Services Tax that is set to go on floors from midnight of June 30 will have a deep impact on not just taxes across the country, but also on the pocket of the common man.
The four-tiered GST will subsume a host of levies like octroi, service tax, VAT, etc. This will have a far-reaching impact on the prices we pay for goods and services that we consume on a day-today basis.
Here is your guide to effective tax rates for items that you purchase regularly:
Many essential goods such as salt, primary produce, flour, milk, eggs, tea, coffee, gur, curd, fish, chicken, buttermilk,natural honey, fresh fruits, lassi, unpacked paneer, fresh vegetables, fruits, atta, besan, maida, vegetable oil, sindoor, prasad, contraceptives, bread, bindi, stamp, judicial documents, printed books, bangles, and handloom products are exempt from taxation.
Consumer goods like perfume, cosmetics, cheese, butter will see a fall in prices, according to an NDTV report.
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