10 daily items to become cheaper after latest GST rate cut
by Paras Mehra 5.1K
Introduction
More good news for the public of India after the 23rd GST council meeting in which the council decided to cut the rates of almost 177 items to 18% from the existing rate of 28% and hence increasing inflation will now take a hit.
However, you don’t have to worry about the 177 items; rather we have picked out 10 daily items which shall become cheap are as follows:
1. New GST Rate on Furniture reduced from 28% to 18%
Earlier the furniture was considered as a luxury and was kept under 28% slab. However, sooner than later government realized that the furniture is not a luxury and hence revised the rate from 28% to 18%.
Now almost all types of furniture is being reclassified from the existing rate of 28% to 18%. Hence, it is now expected that the rate of furniture will fall down by atleast 10 to 15%.
2. New GST rate on Detergents like tide reduced from 28% to 18%
Another item of daily use for which the prices are going to reduce is detergents. The prices will come from by atleast 10% become the GST rate has been reduced from 28% to 18%.
This is also a welcome step because wearing clean cloths is a need more than a luxury.
3. New GST rate on Shampoo and shaving blades reduced from 28% to 18%
One would have never thought that using a shampoo is a habit of rich and hence the government would classify them under 28% tax slab. However, now it has been reclassified under 18% which it should be from the very beginning.
4. New GST rate on Chocolates reduced from 28% to 18%
Any person, irrespective of his age, would get his mouth filled with water whenever he sees someone eating a delicious chocolate. However, our lovely chocolates had been made costlier by the government by putting it under a tax rate of 28%. However, the same has now been controlled and the tax rate on chocolate has been reduced from 28% to 18%.
Now you can eat as many chocolates as you can because the price will be going to drop in near future.
5. New GST rate on restaurants reduced to 5%
Now, eating out has been made very cheap by the government by slashing the price by atleast 13 to 15%. However, the benefit of ITC has been restricted. Further, the classification of restaurant with air conditioner facility or not has been done away with.
6. No GST tax on visiting the Taj Mahal i.e. protected monuments
We all have visited various forts and monuments in India. We have often observed that a board is being established with every monument on which something is written as a protected monument by Archeological Survey of India (ASI).
Now, any protected fort or monument shall not attract GST in India.
7. New GST rate on Chewing gum reduced to 18%
Good news for all bubble gum lovers as the government has decided to reduce the tax rate on bubble gum from existing 28% to 18%. Now, people can wish to each other and say, happy chewing!
8. Revised GST rate on fire extinguisher reduced to 18%
Good news for you if you want to protect your house or office from fire, as the price of fire extinguisher is going to reduce from existing 28% to 18%. Earlier the government kept GST rate on fire extinguisher at 28%.
9. Revised GST rate on camera and goggles reduced to 18%
Good news for all lens kart lovers as the price for the same is to be reduced by atleast 10% since the GST rates has been reduced from 28% to 18%.
10. New GST rates on Slabs of marble reduced to 18%
The government has decided to reduce the GST rate on marble to 18% from the existing 28%.
Conclusion
We have tried to summaried the 10 importants thing in daily use that shall be impacted after the recent GST rate cuts. Further, in case you have any issue, please email us at info@hubco.in.
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