GST Big Update: There is some relief news for the common man. Actually, preparations are going on by the government to make changes to the GST implemented in the country. This change will have a great impact on the pocket of the common man. The objective of the government regarding this change is to make the tax easier and provide direct benefits to the consumers. In such a situation, if this proposal is implemented by the government, then the things used daily will become cheaper, and the prices of many things, including TV, AC, mobile, and vehicles, can come down.
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The government put forward a proposal
For information, let us tell you that the central government has proposed to reduce the slabs. However, there are 4 slabs of GST: 5 percent, 12 percent, 18 percent, and 28 percent. In this, the government plans to eliminate 12 percent and 28 percent. This means that now only 5 percent and 18 percent will remain. At the same time, there is also news that a slab of 40 percent can also be fixed for sin products. If there is a change in GST rates, then states may lose revenue.
On the other hand, the group of ministers has approved the proposal to abolish 12% and 28% slabs. The government has argued that the reduction in GST slabs is to make the tax system transparent and easy. PM Modi has described it as the next-generation GST and a Diwali gift. This change will cause a lot of loss to the central and state governments, but it will provide great relief to the common man.
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Let us know which things will become cheaper
For information, let us tell you that all packaged food will become cheaper. It includes things like namkeen, noodles, jam, pasta, chips, ghee, butter, condensed milk, etc. Apart from this, hair oil, handicrafts, tooth powder, furniture, toys, pencils, woolen clothes, etc. will become cheaper. Along with this, shoes worth less than a thousand rupees can become cheaper. On the other hand, GST of 28% to 18% will be levied on electronics and household appliances. There will be a 10% reduction on small cars and two-wheelers.