GST’s Impact on Pocket: What will be Expensive and Cheap
A few weeks before the GST came into effect all over the country from July 1, the government has reduced tax slabs of many commodities in a significant decision, which was previously kept relatively high. It is notable that the new indirect tax system of GST is to be implemented from July 1. Central Product and Customs Department has made Bachchan the brand ambassador of GST.
According to Apollo Hospitals, a leading hospital run nationwide, after the implementation of GST system, overall healthcare costs can be increased as some services and products will be taxed at a rate of 15-18 per cent. However Healthcare has been exempted from GST.
Credit card providers, banks and insurance companies have begun to alert their customers about more taxation from July 1 after the implementation of the goods and services tax (GST).
If the cost of a ticket is at Rs. 2000 then it will be Rs. 2010 from next month.
With 18% tax slabs placed under the GST for helmets, the safety of industry and two-wheelers will be affected as it will increase the sales of cheap and improvised products.
The farmers are disappointed with its new rates. 12% tax on manure, whereas pesticides will have to pay up to 18%. The Indian farmer is already facing tremendous pressure on many fronts and the increased burden of tax will bite in its earnings. If the prices of the produce rise in some way then the whole country will suffer, because the prices of food items will increase and the common man will be in trouble.
