Amidst mixed reviews and reactions Goods and Service Tax(GST) in India is finally rolled out from 1 July 2017. The slab of GST is kept as 0%, 5%, 12%, 18% and 28%.
0% slab means the items falling under this slab are exempted from GST. Thus, no price alteration will be seen on these items. Some of the items which fall under this category are unbranded food items like Milk, salt, butter milk, curd, flour, bread, besan, fresh meat, eggs, milk and vegetables. Other essentials and daily use items include salt, soaps, printed books, newspapers etc.
Branded and packaged foods like skimmed milk powder, packaged Paneer, frozen vegetables, pizza bread, coffee, tea, spices, fish fillet, cream etc. fall under this category. Other items include essentials such as kerosene, lifeboats, coal, medicines etc.
A bit luxurious goods like Camera, high end ready-made garments, butter, cheese, frozen meat products, ghee, animal fat, dry fruits, packaged fruit juices, packaged snacks, Mobile phones, instant food mixes, mineral water, speakers etc. come under this slab.
28 % Slab
Other high ends products such as Dishwasher, Chocolates, aerated water, deodorants, weighing machine, paints, vending machines, automobiles, personal aircrafts and yatch, motorcycles etc. fall under this slab.
Owing to GST, the products which are likely to become cheaper and costlier after 1st July ’17 are as follows:
Spectacles, Ice Cream, Ketchup, Hair Oil, Cheese, Packed paneer, Packaged coffee, Tea, Khadi fabric, Silk, Printers, branded Atta, Footwear, Toothpaste, Baby formula, Agarbatti, Pens, Textiles, Luxury cars, Mineral water, Masala, Notebooks, pickles, Noodles, Sauces, Spaghetti, Macaroni, ketchup, Cashew nuts, Detergent, hair oil, Wheat, Pasta, Milk, Rice, Soap, Sugar, Insulin, cement, , edible oils, , Packed curd, sweets, Detergent powder, Economy class air tickets, Motorcycles, budget hotels, Movie tickets below ₹100 etc
Ice-cream, chocolates, Ayurvedic medicines, high end restaurants, hotels with higher tariff above Rs. 5000, Movie tickets above ₹100, Music concerts, Branded Rice, Branded flour, Chewing gum, Ghee, soft drinks, Gold, biscuits, IPL match tickets, AC train tickets, business class air tickets, AC, refrigerator, TV, Mobile phone bills, washing machine, insurance premiums, banking charges, Credit card charges, Motorcycles with engine capacity of more than 350 cc etc