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THE IMPACT OF GST (GOODS AND SERVICES TAX) IN INDIA.

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  • WHAT WILL BE EXPENSIVE
  • EATING OUT:The service tax and VAT is expected to be approximately 20%.
  • PHONE BILLS: After implementation of GST, internet packs and call rates are likely to get higher.
  • JEWELLERY: According to GST at least 6 % is expected to be paid by buyers.
  • ONLINE SHOPPING: For every purchase from its sellers, the e commerce companies will have to pay fixed TDS which will affect the sales.
  • BANKING & INSURANCE: Services offered by banks are taxed at 14.5% currently which under GST regime are likely to become costlier at standard rate of 17-18%.
  • TRAVELLING: Service tax on airline fares ranges between 6%-9%. GST will pump the taxes up further to 15%-17%.
  • WHAT WILL BE CHEAPER
  • BUYING CAR: Under the GST, it is expected to get lower up till Rs 35,000. If the rate is fixed at 18%, the price will now be Rs 5.9 lakhs.
  • TELEVISIONS: The GST is expected to be 18 to 20% from 24.5%.
  • MOVIE TICKETS: Entertainment Taxes are likely to reduce by 2-4%.
  • PROCESSED FOODS: Companies manufacturing processed food pay various taxes summing up to 24%-25%. With GST, it’ll sum up to 17%-19%.
  • CEMENT: Tax for cement is 25%. With GST it will become 18%-20%. With logistics cost also decreasing, cement depots will also decrease.

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