GST Reforms: The GST Council has declared a big gift to people before Diwali on Wednesday, which will make their lives more comfortable and convenient. The GST update announced by PM Modi on the 15 August Gust was announced on Wednesday 3 September. Due to transparency in the tax slab, it will be difficult to collect arbitrary taxes from the common man, which can prove to be a booster dose for his life.
Declaration of GST Update
The GST Council has announced the GST reform to improve the lives of all citizens, which will now have a two-level design of 5 and 18 percent of the tax, which will be implemented from September 22. The GST Council has now approved two -time tax structures. This tax structure will make small businessmen and businessmen very easy to trade. Finance Minister Nirmala Sitaram announced, “We have reduced the slabs.” Now there will be only two slabs and we are also considering the issues of return cess.
What would be the benefit of a two-level tax structure
The common man will benefit greatly from a two-level tax structure. Previously, the tax slab was high, so the common man did not understand how much tax would be charged on which goods. Now the transparent and easy system will be created by a two tire tax structure. Due to the decline in tax slabs, people will also reduce confusion. Also, traders will not be able to charge arbitrary charge. The benefit of this would be that the prices of normal needs will be the same and they will not show more instability. Also, the goods are expected to be affordable, as the goods will now be either in a low tax slab or in the high part. Essential items such as drugs, clothing, food products are usually kept in low slabs, which will give the common man cheaper things and reduce their life problems.
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The GST rate is as follows
| GST slab | Which goods / services | Benefit |
|---|---|---|
| 0% (tax -free items) | – 33 Life Protection Drugs (Cancer, Rare Disease) – Life Insurance, Health Policy – Pencil, Sharpner, Rubber, Notebook, Crayon, Map, Globe – Uhat Milk, Packed Cheese, Pizza Bread, Knakra, Pinch/Bread | Essential goods and education/health affordable, not burden on people’s pockets |
| Up to 5 | -Shampoo, Soap, Toothpaste, Toothbrush, Shaving Cream-Butter, Ghee, Salty, Cheese-Baby Napkins, Clinical Diapers, Milk Bottles-Sewing Machines and Parts-Medical Oxygen, DIAGNOSTIC Thermeter, glucoter-crustive glasses-tractor and ITS tires, pioneers, pioneering, micro-nomins, micro-nomins, micro-nomations, micro-nomations, micro-nominations, agricultural machines | Everyday items and farm related items are economical |
| Up to 18% | – Petrol/Diesel Hybrid small car – three wheelers – motorcycles (up to 350cc) – Cargo vehicle – Air Conditioner – 32 inch large LED/LCD TV, monitor, projector – dishwashing machine | Domestic electronic and vehicle field in medium tax, “facilities” for the common man |
| 40% of Tak (luxury items) | – Pan Masala, Gutkha, Cigarette, Bidi – Kefini/Energy Drink – Smoke Pipe – Motorcycle above 350cc – Private Jet, Boat – Revolver and Pistol | It Luxurious and harmful things Is → Government imposes more taxes and keeps them expensive |
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