GST Facts:
GST is Goods and Service tax which a kind of
indirect tax. It will be effective from 1st July, 2017. Parliament
has passed this bill and 10 states have already passed it. Earlier every state’s
were having different tax rates for a same goods or service but after implementing
this GST, every place will have same tax rates in all over India. It’s going to
be effective after about 17 years debate.
How
GST is going to affect your pocket after 1st July, 2017. Know here the old and new tax rates and the
difference which will be either a burden on your pocket or a sign of relief.
Home
making materials are going to be costly in new GST bill, here we see the
details.
GST has created 5 slabs of tax rates which will be:
1. 0 % : Few things are kept free from GST
2.
5 %
3.
12 %
4.
12 %
5. 28%
Below
are the Tabular comparison of goods and services.
| Good and Service | Old Tax Rates | New Tax rates | Difference |
| Ply Board and Particle Ply Board | 19.25% | 28% | 8.75 % More |
| Tiles, Ceramics | 30.00% | 28% | 2.50 % Less |
| Paint and varnish, Putty | 30.00% | 28% | 2.50 % Less |
| Steel Pie | |||
| Lamp light fitting | 30.50% | 28% | 2.50 % Less |
| Hair Oil, Soap, Tooth Paste | 30.50% | 18% | 11.5 % Less |
| Make up, hair cream, leather bags, | 30.50% | 28% | 2.50 % Less |
| Kitchen Products, Pipe. Sheet Floor Covering, bathroom products | 19.25 | 18% | 1.25 Less |
| Hotel Stay (0-1000) | 0% | 0% | 0% |
| Hotel Stay (1000-2500) | 0% | 12% | 12 % More |
| Hotel Stay (2500-5000) | 10% above 3k | 18% | 8 % More |
| Hotel Stay (More than 5000) | 10% | 28% | 18 % More |
| Food Bill (Non-AC) | 11% | 12% | 1 % More |
| Food Bill (AC and Licensed Wine) | 11% | 18% | 7 % More |
| Food Bill (Luxury) | 11% | 28% | 17 % More |
| Air Travel (Economy) | 6% | 5% | 1 % Less |
| Air Travel (Business) | 9% | 12% | 3 % More |
| Cab service, Ola, Uber | 6% | 5% | 1 % Less |
| Electricity Bills | 0 | 0 | Free from GST |
| Gold, Cigarette, Biddi, Textiles, Footwear, Bio-Diesel | Not Decided | ||
| AC Train Tickets | 5 % Costly | ||
| Tours & Travels | 15% | 18% | 3 % More |
| Auto Sector | Reduced Tax | ||
| Banking and Insurance | 12% | 18% | 6 % More |
| ecommerce | Same | Same | No impact |
| Mobile Phone | 7.00% | 12% | 5 % More |
| Telecom | Costly | ||
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