Post: GST is the biggest tax reform in the India."one Nation, one market, one tax" is finally here.The moment that Indian government was waiting for a decade has finally arrived. After a lot of deliberation our of GST has been finalized and the rate for all goods and major services under various tax slabs. There is a important impact on Indian economy and market. This is being done by unifying the indirect taxes for all State throughout the India.
The tax rates under GST are set at 0% 5% 12% 18% 28% for various goods and services and almost 50% of goods and services comes under 18% tax rate. But the main question arise in our mind is that how will it impact on common man? Will the system change or not after implementation of GST? so let's see how GST impact on day to day life and our economy !!?
GST bill have an impact on the household items which you buy hence this would impact your pocket. Also if you are investor in stock market, so some of the companies would losse and some of the companies would in benefits. So now it is an opportunity for you to grab the stocks that you would have get benefited with GST.
1) footwear /Garments /appreal:
Footwear costing more than INR 500 will have in GST rate of 18% from the earlier rate of 14.41 rate. But rate for the foot wear below INR 500 will have in GST reduced to 5%. with respect to readymade garments there have been reduced to 12% from the existing 18.16%.
2) Taxi rides :
Now taking and ola and Uber will cheaper because tax rate come down to 5% from 6% earlier it was.
3) Airline tickets :
Under GST tax rate for economic class for flight ticket is set at 5% but the business tax rate is higher that is 12%.
4) Movie tickets :
Movie tickets cost below INR hundred will be charged at 18% but the price above INR hunted will have a higher tax rates that is 28%.
5) Life Insurance Premium :
The premium amount on policy will rise with an immediate impact can be seen on your term policy premium as the rates have been increased under GST across life , health and general insurance.
6) Jewellery :
The gold investment will become slightly expensive because there will be 3% GST on gold and 5% on making charges. The earlier detect string on gold was 2% on the most of the state and the GST is increased from 2 to 3% from the existing rate.
7) Education and medical facilities :
Education and medical sectors have been kept outside the GST. It means a consumer will not pay any tax for the money you spent on this services.
8) Hotel stay :
For your hortons Steel if your room tariff is less than rupees 1000 then there will be no GST but anything above rupees 5000 will attract 28% GST.
9) Mobile bills :
People will have to pay more on mobile phone bills at GST on telecom sector is now 18% as opposed to the earlier text rate of 15%.
10) Restaurant bills :
The restaurant bill would depend on whether you dined at an AC or non AC establishment. Dine at 5 star hotels will be charged at 18% GST rate and non AC restaurant will be charged at 12% and 5% GST charge on small restaurant, Dhaba,etc
So this is how GST will impact on our pocket GST has positive impact as well as negative impact on the Indian economy.
The tax rates under GST are set at 0% 5% 12% 18% 28% for various goods and services and almost 50% of goods and services comes under 18% tax rate. But the main question arise in our mind is that how will it impact on common man? Will the system change or not after implementation of GST? so let's see how GST impact on day to day life and our economy !!?
GST bill have an impact on the household items which you buy hence this would impact your pocket. Also if you are investor in stock market, so some of the companies would losse and some of the companies would in benefits. So now it is an opportunity for you to grab the stocks that you would have get benefited with GST.
1) footwear /Garments /appreal:
Footwear costing more than INR 500 will have in GST rate of 18% from the earlier rate of 14.41 rate. But rate for the foot wear below INR 500 will have in GST reduced to 5%. with respect to readymade garments there have been reduced to 12% from the existing 18.16%.
2) Taxi rides :
Now taking and ola and Uber will cheaper because tax rate come down to 5% from 6% earlier it was.
3) Airline tickets :
Under GST tax rate for economic class for flight ticket is set at 5% but the business tax rate is higher that is 12%.
4) Movie tickets :
Movie tickets cost below INR hundred will be charged at 18% but the price above INR hunted will have a higher tax rates that is 28%.
5) Life Insurance Premium :
The premium amount on policy will rise with an immediate impact can be seen on your term policy premium as the rates have been increased under GST across life , health and general insurance.
6) Jewellery :
The gold investment will become slightly expensive because there will be 3% GST on gold and 5% on making charges. The earlier detect string on gold was 2% on the most of the state and the GST is increased from 2 to 3% from the existing rate.
7) Education and medical facilities :
Education and medical sectors have been kept outside the GST. It means a consumer will not pay any tax for the money you spent on this services.
8) Hotel stay :
For your hortons Steel if your room tariff is less than rupees 1000 then there will be no GST but anything above rupees 5000 will attract 28% GST.
9) Mobile bills :
People will have to pay more on mobile phone bills at GST on telecom sector is now 18% as opposed to the earlier text rate of 15%.
10) Restaurant bills :
The restaurant bill would depend on whether you dined at an AC or non AC establishment. Dine at 5 star hotels will be charged at 18% GST rate and non AC restaurant will be charged at 12% and 5% GST charge on small restaurant, Dhaba,etc
So this is how GST will impact on our pocket GST has positive impact as well as negative impact on the Indian economy.
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