GST reform affects the common man!
The general public was always confused with the complexity of GST and different tax slabs. But now this story has changed. The government has made major changes in the GST system, which have come into force from 22 September. Which will directly save the common man in the everyday life of the common man. This change is not just improvement in tax rules, but is a big step to make the expenses of every family easier.
Government Old slabs of GST Three main rates are kept, finishing 5%, 12%, 18%, and 28%. This includes 5%on essential goods, 18%on normal items, and 40%GST on luxury or harmful items. This means that everyday essential things will now be cheaper than before, and tax on luxury or unnecessary goods will increase. According to an ET report, this change will lead to an estimated investment increase of 2 lakh crores, which will give new energy to the economy and increase the purchase capacity of common families.
Big savings on everyday needs
People who buy FMCG (everyday items) will get the biggest benefit. Now only 5% tax will be levied on your bathroom soap, shampoo, toothpaste. Also, tax has been reduced on food items like sweets, biscuits, chocolate, noodles and pickles. This will directly save your daily purchases and reduce monthly expenses.
Dream of buying a car became cheaper
New GST Rules Under the prices of small cars and two -wheelers have also been reduced. Such as popular vehicles like Maruti Suzuki Swift or TVS Jupiter will now get cheaper already. This has made it easier for millions of middle class families to buy a car. Also, the cost of logistics will be low for businesses, which can reduce the prices of goods further.
Big household items will also be affordable
Now tax on big electronic goods like TV, air conditioner, fridge has also reduced. This will increase the sale of these goods in the festive season and there will be balance in the budget for you. Also, tax has been reduced on eco-friendly products like solar panels and solar heaters.
Relief on home building and repair
Tax on construction materials like cement, tiles, granite etc. has been reduced to 5%. This means that it will be cheaper than before building new houses or repairing the old house. This step is good news for both the house buyers and builders, which will promote the Indian real estate market.
Savings in Health and Financial Security
The health insurance premium has now become completely tax-free, which will benefit the families. Taxes have also decreased on medicines and medical equipment, which will reduce treatment expenses. Tax has also been reduced on services like gym, yoga center, salon, which will promote healthy lifestyle.
Benefits on clothes and everyday items
Due to reducing tax on clothes, items like cotton t -shirts, saris and shoes in the market will also be more cheap. This will save the common man in dress. These reforms will not only reduce the burden on your pocket, but will also strengthen your family’s financial condition and will benefit millions of rupees by combining small savings.