Lowered GST rates applicable from today

Prices of various items from perfumes to chocolates to fans are expected to come down from today, as the new GST rates took effect from midnight.

In its meeting last week, the GST council had reduced the rates of more than 200 items and the revised rates have come into effect from last night.

After the rate cut, only 50 items are left in the 28 per cent tax slab, after the rates for 178 items were brought down from 28 per cent to 18 per cent.

The GST rate for restaurants was also brought down to a flat 5 per cent, which means starting today, eating out might also become cheaper.

These changes will benefit consumers and businesses alike, as products ranging from perfumes to chocolates to fans become cheaper, and help douse some of the criticism that has dogged the four-month-old tax system. Some FMCG companies have already said they will pass on the benefits from the lower rates to the consumer.

The economy is also likely to get a boost from the likely consumption jump and better compliance due to simpler and less-taxing scheme.

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Via:: Economic times – Wealth


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