Notebooks, LPG, insulin and lot more to get cheaper under new GST
Posted on: 16/Jun/2017 12:58:55 PM
As per the new GST regime that is all set to become live from 1st July, a whole lot of daily use products including notebooks, domestic LPG, insulin, Agarbatti, Aluminium foils, and so on are going to get way too cheaper.
In a statement, the finance ministry has said that the tax on majority of goods as approved by the GST Council is far lower than the combined value of indirect tax rates that the centre and states levy.
The present tax are imposed towards embedded central excise duty rates, VAT rates or weighed average VAT rate, central excise duty rates, service tax after clearance embedding, cascading of VAT over excise duty, entry tax, Octroi, etc.
Starting from 1st July, the new indirect tax regime is coming into effect. The fixation of GST is the together responsibility of central and state governments following approval by GST council.
Milk powder, curd, butter milk, dairy spreads, cheese, tea, wheat, flour, spices, rice, tea, unbranded natural honey, etc are some of the items that will have GST incidence lesser than the sum of indirect tax rate.
For products like groundnut oil, coconut oil, palm oil, mustard oil, sugar, sugar confectionary, spaghetti, noodles, macaroni, palmyra jiggery, fruit, vegetable, pickle, murabba chutney, ketchup, sauces, and many others will have the new tax lesser than existing.
