Goods and Services Tax (GST) GST is about to complete 7 years of its implementation. GST was implemented on July 1, 2017. It included 17 local taxes and fees. If we look at the last seven years, many essential commodities have become cheaper due to the reduction in tax rates on many products and services. According to the data released by the Central Board of Indirect Taxes and Customs (CBIC), after the implementation of GST, the prices of many household items like flour, cosmetics, television and refrigerator etc. have come down.
PM Modi tweeted
Prime Minister Narendra Modi on Monday tweeted that household goods have become cheaper since the implementation of the Goods and Services Tax (GST) in 2017. PM Modi tweeted on X that for us reforms are a means to improve the lives of 140 crore Indians. After the implementation of GST, household goods have become very cheap. This has led to a lot of savings for the poor and the common man. We are committed to continue this journey of reforms to transform the lives of people.
Tax burden reduced on these products
According to the data of CBIC, before the introduction of GST, there was a tax of 3.5%, 4% and 6% on flour, curd, buttermilk and honey respectively, which has now become zero. On the other hand, there was a tax of 28% on cosmetics and detergents, and 27% on hair oil, soap and toothpaste. After the introduction of GST, these products are taxed at 18%.
LPG stove became cheaper
Before GST, LPG stoves were taxed at 21 percent, which has now come down to 18 percent. Data provided by CBIC shows that electronic equipment, fans, water coolers and furniture were taxed at 31.3 percent before GST was implemented, which has now come down to 18 percent. In the recent GST Council meeting, Finance Minister Nirmala Sitharaman said that I want to assure the taxpayers that our intention is to make the lives of GST taxpayers easier. We are constantly working to reduce the complexities of the system.
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