Our nation, first time after its independence, is on the verge of seeing a major and perhaps the biggest economic change. From July 1st, 2017, the Goods and Services Tax bill or the GST bill, as we all know, will be taking over the world's largest democracy and will deepen its roots firmly in the economy to decide the financial future of our nation.
As passed by the central government of India, the Goods and Services Tax bill will have a four-tier slab with tax division rates distributed as- five per cent, twelve per cent, eighteen per cent and twenty-eight per cent. As promised by the centre, GST is been brought to nourish the economic condition of the country, but at what cost?
Surely, for a change in the economic behaviour, rates of certain commodities will go high which will affect the money in our pockets. There are no two notions regarding the good will of the countrymen as all of us desire the progress of our nation. But the government has also surprised us by putting no tax on items that you might have never thought of.
Here's the list of GST distribution, categorically.
The government has settled for a very modest amount of tax rates in the apparels and footwear category.
Keep scrolling to see the rates of the food items and find out about the items that are untouched by GST.
However packed items will have a tax label on them.
Wait, there's a 28% slot too...
So are medicines affected?
Both Ayurvedic, as well as allopathic medicines, will have a modest tax rate label on them. However, none will be tax-free.
But the major concern of all women.
It created a lot of hassle after the government imposed 12% tax on sanitary napkins as it is a basic commodity needed by every female of the country. However, the tax still stays the same.
And, what about the daily services we get?
The largest variation of taxes can be seen in this category of services.
And lastly, the most amusing...
Taxes on sale of animal parts such as bones, horns and human hair remain untouched by the GST tax regime.
These were all the necessary items and services, but about the yellow stone, gold?
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