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GST 2.0: Here Is How To Check And Compare Savings On Products
GST 2.0: Here Is How To Check And Compare Savings On Products, Post Next-Generation Reforms
The move follows Prime Minister Narendra Modi's announcement in his Independence Day speech, about the next-generation GST reforms roll-out during Diwali this year.
New Delhi: After announcing the next generation Goods and Service Tax (GST) reforms, the government has introduced a dedicated website 'savingwitgst.in' where the consumers could check and compare the prices of products, before and after the rate rationalisation comes into effect on September 22.
The website, launched by My Gov, a citizen engagement platform of the government, has different categories to navigate, including food items, snack items, household items, household electronics, kitchen items, leisure and lifestyle, allowing people to compare the pre- and post-price of an item effortlessly.
"Next-Gen GST is here! Wondering how much you can save? Add your picks to the cart and see the difference yourself. Scan the QR or visit http://savingswithgst.in to explore now!" MyGovIndia posted on its official X account.
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For comparing the prices, the customers will have to visit the 'SavingswithGST.in' portal, add the goods of their choice in the cart. After this, one can see three different rates of goods under the 'Base Price', 'Selling Price under VAT' and 'Selling Price under Next-Gen GST' categories on the cart. The customers will have an option to choose any item with a specific category. Under the category, options of food, snack, household, household electronics, kitchen and lifestyle items are given.
For example, if milk is selected from food items and added to cart, the price of milk at Rs 60 per litre will be shown as Rs 63.6 with VAT and Rs 60 under Next-Gen GST.
Earlier this week, the GST council gave its approval to reduce the earlier four-tier tax structure (5,12,18 and 28 per cent) into two slabs- 5 per cent and 18 per cent, with an additional 40 per cent slab for sin goods and luxury items.
The move follows Prime Minister Narendra Modi's announcement in his Independence Day speech, about the next-generation GST reforms roll-out during Diwali this year. The GST reforms are set to bring direct savings to households by reducing taxes on everyday essentials and packaged foods.
The tax on products like Ultra-High Temperature (UHT) milk, pre-packaged and labelled chena or paneer, and all Indian Breads will be zero, while the household goods like soaps, shampoos, toothbrushes, toothpaste, tableware, and bicycles will attract 5 per cent GST.
At the same time, food items such as packaged namkeens, Bhujia, Sauces, Pasta, Chocolates, Coffee, Preserved Meat, etc., reduced from 12 per cent or 18 per cent to 5 per cent, and consumer durables like TVs less than 32 inch, ACs, dishwashers will move to 18 per cent from 28 per cent.
Small cars, two-wheeler below 350cc will fall to 18 per cent from the earlier 28 per cent. Farm machinery, irrigation equipment cut from 12 per cent to 5 per cent, while Tobacco, pan masala, aerated drinks, and luxury goods will be taxed at 40 per cent.
Source: ZeeNews
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