Today is 1st July, the day every Indian was waiting anxiously since the day GST (Goods and Service Tax) was announced. The entire country has been embracing itself to face the merits and demerits of it. GST, the Goods and Service Tax is India’s biggest tax reform and this will change the face of India’s financial economy.
Even today when it is going to be applied in our country, a lot of us are still struggling to understand what the GST is all about and how and which products would it be affecting by it. As its full form suggests, the Goods and Service Tax is a sum of all the taxes levied at various stages of a material produced for the final consumer with a set of benefits at all the intermediate stages.
Although the four tax slabs of 5%, 12%, 18% and 28% will levy on a different category of goods and services differently, they have still been planned in a way to balance the final cost charged to the consumer. I know I know you are getting confused? But don’t worry. We have a simple example for you to explain it more clearly:
All those people who love alcohol here is a good news for you there has been no tax levied on alcohol through GST. However, the same has been balanced by adjusting the prices against restaurants that AC and Non AC which means, the cost of a glass of a drink is same but you’ll still be affected by depending on whether you decide to consume it in an AC restaurant or a Non AC one. This is how it will affect.
This is how Arun Jaitley the master planner has planned the game!
In order to give you a sample of changes in some of the daily life things we consume, we have compiled a list for you depicting the change in prices post-GST with the help of a GST calculator. Here they are:
1) Are you an eggetarian? This is how GST would affect your omelet!
2) Start eating healthy because:
3) Love Internet? No more surfing at night hours.
4) Don’t forget to switch off when going out even for a minute!
5) Enjoy tea time with your friends? Take out one more extra coin!
6) Cheap coffee equals to more dates!
7) Say Cheeeese!
8) Don’t worry and go shopping! This is only applicable on a bill of above Rs. 1000.
9) Keep your beauty up!
10) Keep your personal hygiene and live healthy wealthy life!
11) Love tripping! It’s time for a break!
Note: The prices mentioned in the above creatives are just an approximation and not the exact figures to give a fair idea of the effects of GST on common Indian people.