Top News Stories: How GST Will Change Your Home Budget?
Goods and Service Tax has been made effective from 1st of July and still many people are not aware about how it will impact their household budget? As per this new tax regime, the rate of 1,211 goods and all services have been changed.

If you search for top news stories of the day, you would find out many articles that explain the impact of GST on Indian society. Under GST, the tax rates for all products and services will be at 5%, 8%, 18% and 28%.
Here are the essential items which get affected due to the implementation of GST.
Edible oil: The rate of cooking oil is now increased. However, it is less affected on your home budget. 18% GST tax will be applied on the same. It means, before GST, you had to pay 500 for 125/liter, but now you have to pay 505 per 125/liter.
Other essential items: The price of milk, vegetables, fruits, bread, basmati rice, Atta and pulses remain the same, however, the price of packaged tea and coffee, biscuits, corn flakes, ice creams, cold drinks, juices, soap, toothpaste, hair oil, shampoo, face cream is reduced.
Packed dairy products: 250/- per pack of paneer is decreased by 3.83%, 50/- per pack cheese is decreased by 1.32%. On the other hand, behind the 50/pack of butter, you have to pay 5.66% etc. value.
Mobile bill: As per Top news headlines of India, under GST regime, 3% increase in the tax rate of telecommunication services. You may get additional credits available against this increase in rate.
Banking services: Due to the three per cent increase in current rates, banking service have become costlier.
Cable and DTH services: The entertainment tax is levied by state government will be subsumed under the GST regime. Before, GST, different states of India charged taxes in the range of 10–30 per cent which is removed now. Naturally, this will result in reducing taxes. It has also brought down the rates of movie tickets.
Hotel stay: If we refer, top news headlines of India, you have to pay more for staying in a hotel as per this new tax regime. Hotel room tariffs between 1,000 and 2,500 INR bracket will attract a twelve per cent levy and 2,500–7,500 INR will attract eighteen percent, and hotels with room tariffs above 7,500 INR will attract a twenty eight per cent GST rate.
Air travelling: GST makes economy air travel marginally cheaper, however, business class airfare is becoming expensive by 3 to 4%.
By analyzing the above mentioned information, we can say that household budget has become cheaper after rolling out GST.
Summary: The rolling out of GST affect a daily household budget. In this of top news stories the day, we mentioned the list of items which get affected due to implementation of GST.
Author-Bio: Newstrack.com provides latest news and in-depth analysis on social, economic, political issues in India and around the globe.
