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  Business   Economy  30 Jun 2017  Factbox: Find out how GST will impact prices of goods

Factbox: Find out how GST will impact prices of goods

THE ASIAN AGE.
Published : Jun 30, 2017, 12:36 pm IST
Updated : Jun 30, 2017, 12:58 pm IST

The four-tiered tax system Goods and Services Tax will have impact on prices of everyday goods and items.

Representational Image.
 Representational Image.

Mumbai: The Goods and Services Tax that is set to go on floors from midnight of June 30 will have a deep impact on not just taxes across the country, but also on the pocket of the common man.

The four-tiered GST will subsume a host of levies like octroi, service tax, VAT, etc. This will have a far-reaching impact on the prices we pay for goods and services that we consume on a day-today basis.

 

Here is your guide to effective tax rates for items that you purchase regularly:

Many essential goods such as salt, primary produce, flour, milk, eggs, tea, coffee, jaggery, curd, fish, chicken, buttermilk,natural honey, fresh fruits, lassi, unpacked paneer, fresh vegetables, fruits, flour, besan, maida, vegetable oil, sindoor, prasad, contraceptives, bread, bindi, stamp, judicial documents, printed books, bangles, and handloom products are exempt from taxation.

Consumer goods like perfume, cosmetics, cheese, butter will see a fall in prices, according to an NDTV report.

Consumer goods

Current rate

 

Rate under GST

Perfume

17.5 - 27

18

Cosmetics

28

Cheese

5-14.5

12

Butter

12

Glucometers

11-20.5

12

Shopping will effectively be cheaper, as footwear below Rs 500 and garments below Rs 1000 will attract taxes lesser than the existing ones.

Footwear (below Rs. 500)

 

14.41

5

Footwear(above Rs. 500)

18

Readymade garments (below Rs. 1000)

 

14.41

5-6

5

Readymade garments (above Rs. 1000)

12

Everyday requirements like biscuits, jam, cereals, babyfood will become costlier under the GST regime.

Biscuits( Less than Rs. 100/kg)

11.89

18

Biscuits(Above Rs. 100/kg)

16.09

18

Corn-flakes

9.86

18

Wrist watch

20.64

28

Jam

5.66

18

Baby food (sold in unit containers)

 

7.06

18

Goods like canned vegetables, meat, paneer will attract more tax now and will be costlier than before, according to data collected by Bloomberg Quint. However, taste-makers like meat and fish preparations will be cheaper.

Preserved vegetables

0

18

Frozen meat

6

12

Branded paneer

5

0

Meat and fish preparations

19.5

12

Tags: gst, gst launch, midnight, consumer goods, prices, pre-gst, common man, everyday products, rates, exemption
Location: India, Maharashtra, Mumbai (Bombay)