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Manufacturers, packers and importers will now be able to put new prices on old stock with stamps, stickers or online printing.
Prior to the new GST rates that are implemented from 22 September, the government has allowed companies to change the maximum retail prize (MRP) of their old remaining goods (unusual stock). Manufacturers, packers and importers will now be able to put new prices on old stock with stamps, stickers or online printing.
The Consumer Affair Department of India issued an order on Tuesday stating that the permission would remain in force till 31 December 2025 or till the old stock is over. With new prices, companies will need to see old MRP.
On September 3, the GST Council announced to reduce tax rates on several goods, giving companies a chance to reduce prices. But replacing the printed MRP on the old stock was a challenge before the companies.
Now, after solving this problem of the government, customers can get items like chocolate, biscuits, coffee, shampoos and toothpastes at low prices from September 22.
Now only two slabs instead of 4 in GST
Now only two slabs instead of 4 of GST will be 5% and 18%. This will also make common needs such as soap, AC, car with shampoo. It was decided in the 56th meeting of the GST Council. Finance Minister Nirmala Sitharaman gave this information on 3 September.
Finance Minister Sitharaman said that many food items including milk, roti, paratha, chhena will be GST free. At the same time, individual health and life insurance will also not be taxed. 33 Life -saving medicines, rare diseases and medicines for serious diseases will also be tax free.
Luxury items and tobacco products will now be 40% GST instead of 28%. Medium and large cars, motorcycles with engine more than 350cc will come to this slab.
Booking of hotel rooms cheaper, IPL tickets will be expensive
- GST has been reduced from 12% to 5% on the booking of hotel rooms, that too when the room fare is Rs 7500 or less per day.
- GST on beauty and health services has been reduced from 18% to 5%, such as gym, salon, barber shop, yoga center etc., which uses the common man.
- GST has been increased from 28% to 40% for entry in IPL such as casino, race club, or where there are casinos and race clubs, or sports events.
The 56th meeting of the GST Council was held in New Delhi under the chairmanship of Finance Minister Nirmala Sitharaman.
What will be the benefit of the common man from these changes?
These changes will reduce the burden on your pocket. Everyday items, food items and small vehicles will become cheaper. 18% tax on health insurance for individual, family, and elderly has been removed. This will make it cheaper to take insurance and more people will be able to take it.
- If the tax on cement is 28% to 18%, the cost of building or repairing will be slightly lower.
- Luggage like TV, air conditioner will also come under 28% to 18% tax, that is, they will also be cheap.
- 33 essential medicines, especially cancer and serious diseases, will now be tax-free.
- Small cars and motorcycles up to 350cc will now come under 18% tax instead of 28%.
- Tax on auto parts and three-wheelers also ranged from 28% to 18%, which will make them cheap.
Example: Hair oil
First: Suppose a hair oil bottle was priced at Rs 100 and if it looked 18% GST, then the calculation would be something like this …
GST = 100 × 18% = 18 rupees
Total price = 100 + 18 = 118 rupees
Now: The new rate is 5%.
GST = 100 × 5% = 5 rupees
Total price = 100 + 5 = 105 rupees
Benefit: The first bottle available for Rs 118 will now be available for Rs 105.
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Read this news too …
1. GST improvement will reduce the impact of US tariffs: Claim- Tax deduction can increase ₹ 5.31 lakh crore, this can support the economy
America’s tariff will not have much effect on India. This claim was made by Fitch Solutions company BMI in its latest report. The report said that the improvement in Goods and Services Tax (GST) will reduce tax rates, which will increase consumption.
This will reduce US tariff pressure. The GST improvement and recent reduction in income tax may increase by ₹ 5.31 lakh crore in consumption. Which is about 1.6% of GDP.
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