GST New Rules– Big news for common people. Recently, the government has made changes to the GST slabs. This decision will directly impact both customers and sellers. The new rules, which will come into effect on September 22nd, will alter the tax slabs. Therefore, buying and selling old stock will no longer be the same. Many shopkeepers have stockpiled goods for a year.
And they think that the same cheap goods will be easily sold during the sale. But the new rates will also affect billing. Therefore, it is important for customers to keep a few things in mind before making a purchase so that they don’t incur extra charges after the purchase. Let us tell you what important things to keep in mind before buying used goods.
If you’re planning to purchase old stock after September 22nd, it’s beneficial to pay attention to a few important points. First, understand that even if shopkeepers are selling old stock, billing will always be according to the new GST rules. This means that if the tax slab has changed, you’ll have to pay accordingly.
Many times, customers assume that used goods will be available at a lower price. However, due to tax rates, the bill is not that cheap. In such a situation, it is best to clearly state the tax and final rate from the shopkeeper before making a purchase. This will prevent you from paying extra charges and avoid any problems after the purchase.
This change has happened in the rules
The GST system previously had five slabs: 0%, 5%, 12%, 18%, and 28%. However, the government has now made changes, narrowing these down to three main slabs. Under the new rules, many items have been removed from the 12% and 18% slabs and placed in the 18% and 28% slabs. This will directly impact items commonly purchased on a daily basis.
Electronic items, ready-made garments, furniture, and some household appliances will become more expensive than before. However, consumers will receive some price relief on items placed in the lower slab. This change will directly impact sales for shopkeepers and customer pockets.
