The Monthly Savings of 320 Rs per Family after GST, Purchase of commonly used goods - GST NEWS

The Monthly Savings of 320 Rs per Family after GST, Purchase of commonly used goods - GST NEWS

After GST is implemented, an Indian family is saving an average of 320 rupees per month on the purchase of grains, edible oils and other items normally used, including cosmetics. Referring to the analysis of consumer expenditure data, a source from the Finance Ministry said that the rates of GST on a series of goods and services used in general have come down. As a result, consumers have been given monthly savings.

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The government had imposed GST on July 1, 2017, eliminating 17 different central and state taxes including excise duty and sales tax or VAT. GST imposed a similar tax rate on goods and services to make India not only a market, but to eliminate the tax system above the tax that was earlier.

An analysis of the household expenditure before and after the GST applies shows that tax rates on 83 items of daily consumption like hair oil, toothpaste, soap, washing powder and shoe with food and beverages decreased after GST was introduced Are there.

Saving in tax form

Citing the expenditure analysis, the sources said that if any Indian made up of 10 items (cereals, edible oil, sugar, chocolate, snacks and sweets, beauty and cosmetics, washing powder, tiles, furniture and coconut fibers since GST With a cost of Rs 8,400 every month, then it will save Rs 320.

On these items of daily consumption, the monthly tax of Rs 8,400 is taxed as Rs 510 under GST. Prior to this, a tax of Rs 830 was imposed on such expenses. After this, after the GST was implemented, the tax of Rs 320 was saved.

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