know what will be cheaper and what will be expensive?
Prime Minister Narendra Modi had recently said that in the coming days we are going to give a Diwali gift to the traders. He had said that after the GST reform, tax on many things will be reduced. Meanwhile, now the time has come when this wait of traders and farmers is going to end. The 56th meeting of the Goods and Services Tax (GST) Council is going to be held, in which there will be a discussion about improvements and changes in GST rates. It is believed that after this many things can become cheaper.
Who will benefit from GST reform?
Kotak Mahindra AMC MD Nilesh Shah said that changes can be made in GST considering many things. We know that one or two rates are easier than multiple rates of GST. That is why two slabs of GST can be implemented in this meeting. This will also make many things cheaper and it will be a big relief for traders before the festivals. Sectors which have been slowing down for some time will also get help from this GST reform.
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• GST reform will boost domestic consumption and will also support private investment.
• Those things which are charged 28% GST can be made taxable at 18% and those which are charged 18% GST can be made taxable at 12% or 5%.
• The traders will directly benefit from the end of confusion regarding GST rates and reduction in rates and their business will also grow.
• People working in real estate will also benefit from the reduction in GST rates and this sector will grow.
What things could become cheaper?
• The prices of small cars with less than 1200 cc engine may also come down. GST may come down from 28% to 18%. Apart from this, auto parts may also become cheaper.
• Prices of motorcycles and autos below 350 cc may also come down.
• Staying in hotels can also become cheaper, for this there is a proposal to reduce GST from 12% to 5%.
• Watching movies can also become cheaper, 12% tax on movie tickets can now be reduced to 5%.
• Tax on all cancer medicines can be made zero. Apart from this, other types of medicines can also become cheaper.
• There may also be a GST cut on ice cream and frozen desserts, due to which these items will become cheaper.
• Stationery items like pencils, sharpeners, books and lab notebooks may become cheaper.
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