GST Bonanza! This is how much your family saves because of Goods and Services Tax
On an average, an Indian family is saving up to Rs 320 GST Benefit: On an average, an Indian family is saving up to Rs 320 every month (approx Rs 3840 per year) upon purchasing the daily need items and commonly used items such as edible oil, cereals etc after the implementation of Goods and Services' Tax (GST), PTI reports FinMin sources citing an analysis of consumer expenditure data.
Effect on food items
Tax rates have shrunken on a minimum of 83 food items, daily need products and beverages. (Pixabay)
For instance
For instance, on an expenditure of Rs 8,400 on daily need items, the GST to be paid is approx Rs 510, prior to this taxation system the text summed up to Rs 830. (Pixabay)
Former taxation system
In the previous system of double taxation, the customer had to pay excise duty to the Government and VAT to the State. (Pixabay)
Current taxation system
While the new system eliminates the system of double taxation, imposing one single-direct tax: GST. (Pixabay)
Items positively affected by GST
Items used in day-to-day lives such as curry paste, hair oil, soap, perfumes and cosmetics, the taxes levied on them have reduced. (Pixabay)