| The tax system in India has seen an overhaul with the launch of Goods and Services Tax (GST) from July 1. The GST, in its making, was met with both inhibitions and excitement. While the country is still debating the impact of the four-structure tax system, some of its benefits have already started to trickle down to the masses. India now has four tax slabs – 5%, 12%, 18% and 28% and an exempt and additional cesses category. Though GST will impact the budget of everyone differently, depending on their lifestyle patterns, the change in household expense is set to be more or less the same for everyone. Some household articles have seen a price increase, while the prices of many others have come down. Food products have seen a GST imposition of 0-5%, while toiletries have seen an imposition of 18%. Let us take a look at the overall impact of GST on your basic household expenditure: Groceries –While some grocery items like milk, bread, pulses, flour, fruits and vegetables, tea, coffee and basmati rice have been left outside the ambit of GST, other items like packaged curd, paneer, cheese, biscuits, corn flakes, shampoos, face creams, hair oils, medicines, etc. have become cheaper. Things which have become expensive include packaged chicken, butter, bhujia, etc. Lifestyle expenses – Entertainment expenses have come down as the tax has been reduced to 28% from 30% earlier. Read More |
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