Big changes are coming across the country at the start of Devi Paksha. Today, September 22, the new GST is coming into effect. In GST 2.0, there will be a big change in the prices of goods. From today, there will be no more 4 GST slabs. The 12 percent and 28 percent slabs have been removed. Now, there will be only 5 percent and 18 percent slabs. It is very important for common people to know this information about the new GST. Otherwise, they may get cheated.
The most important thing about the GST change is that new prices are effective from today. Shopkeepers cannot sell products at the old price. If a product is from old stock and the MRP is higher, a new sticker with the new price must be used.
GST 2.0 Updates:
Tax exemption on life insurance: In the new GST system, GST will not be charged on personal life insurance. This benefit is also available for term insurance plans, endowment policies, and unit-linked insurance plans.
Exemption on health insurance: GST is also exempted on personal health insurance. It is withdrawn on premiums for family health insurance and senior citizens.
Tax on transport: A 5 percent tax will be charged on road transport without input tax credit. Transport operators can pay 18 percent GST with input tax credit if they want. Economy class air tickets will have 5 percent GST, while business and premium class tickets will have 18 percent GST.
GST on delivery services: If an e-commerce operator uses local delivery services, GST will be charged on the e-commerce site. If the delivery partner is registered under GST, they must pay GST. Local delivery services will be charged 18 percent GST.
Tax exemption on medicines: GST is fully withdrawn on 33 life-saving medicines. Other medicines will have 5 percent GST as before.
GST on rent: GST must be paid not only when buying but also when renting. For example, 18 percent GST will be charged on renting a car without a driver, same as buying a car. This rule applies to other products too.
GST on imports: Integrated GST will be charged on imported products under the new rules.
Zero GST on milk: Processed milk is fully exempt from GST. Plate-based milk will not get this benefit. Soya milk and almond milk will now pay 5 percent GST. Earlier, soya milk had 12 percent and almond milk had 18 percent GST.
GST exemption on shampoo, face powder, AC, TV, fridge: Under the new GST system, daily necessities, electronics, cars, and bikes will be cheaper. Products must be sold at the new price from today.
