Reminiscent of India's tryst with destiny at the midnight of August 15, 1947, Parliament's historic Central Hall will host a function on the intervening night of June 30-July 1 to ring in the nation's biggest tax reform - GST. The Good Services Tax Council has fixed the GST rates for products and services in four tax slabs of 5%, 12%, 18% and 28% along with additional cess of selected products and services. (Pic Ctsy: PTI)
From July 1, fare of AC category in trains will increase and food will also cost dearer.
Banking, insurance, real estate, mutual funds will fall under 18% tax slab. Thus, these things will be expensive.
Mobile phones will be cheaper for some states where VAT is 14% as GST has finalised 12% tax on them. But, in states like Karnataka, Tamil Nadu and Kerala Mobile phones will be expensive as the currently there is 5% VAT.
After the implementation of GST, flight tickets of the economy class will be cheaper while tickets for business class will cost dearly.
GST has levied 5% tax on transport services and travel by cab aggregators like Ola, Uber could get cheaper. Currently, these companies are charging 6% tax from consumers.
Cheaper: Foodgrains, Hair oil, Soaps, Toothpaste, Electricity, Meat,Fresh vegetables, Honey, Ketchup, Jams, Jaggery, Agarbatti, Prasadam, Kumkum, Bindi, Pappad, Contraceptives, Coal production, Life-saving drugs, All capital goods, All industrial intermediaries, Milk and Curd, Sugar, Tea, Coffee, Edible oil
Expensive: Small and big automobiles, Aerated drinks, Pizza bread, Sevaiya, Condensed Milk, Frozen vegetables, ACs and refrigerators, Mithai or sweets, Frozen meat, Ayurvedic or homeopathy medicines, Umbrella, Electric Vehicles, Mobile phone manufacturing, Pastries and Cake, Pasta, Ice cream, Betel nut, Vinegar, Sharbat, Chewing gum, Chocolates, Custard powder, Waffles containing chocolate, Pan masala and gutka, Scented Zarda and filter Khaini, Cigarettes and cigars