GST reduction rates take effect today, check which items got cheaper
New Delhi (The Uttam Hindu): With the start of Navratri, consumers have received significant relief. The reduction in GST rates announced by the government took effect on Monday, September 22nd. From everyday items to vehicles and electronics, everything will now be cheaper than before.
GST reduction rates come into effect from today, all these items have become cheaper, see how much tax has been reduced on which items : Under GST reform, the government has now kept only two slabs instead of four. The new structure of 5% and 18% has come into effect. Along with this, a new tax bracket of 40% has also been decided, which will be applicable only on ultra luxury items. Food grains, medicines and everyday items will remain at the lower rate of 5% as before. Items like milk based beverages, biscuits, butter, cereals, dry fruits, fruit juice, ghee, ice cream, jam, ketchup, namkeen, cheese, pastry, sausage and coconut water will now be available at lower prices than before. This will reduce the burden on the kitchen of the common man.
Furthermore, daily use items like shampoo, soap, hair oil, shaving cream, talcum powder and face cream have also become cheaper. Electronic items like ACs, washing machines, TVs and dishwashers will now be available at affordable prices. The government has reduced the GST rate on several essential medicines and medical devices to just 5%. Pharmaceutical companies have also been directed to revise the MRP of their products to ensure direct benefits to consumers.
Regarding services, salons, barbers, gyms, fitness centers and yoga services will now be subject to lower GST rates. This will reduce the burden on those who use these services. The Finance Minister stated that the new GST reforms will significantly reduce the tax burden and are estimated to save the country's population approximately ₹2 lakh crore annually.