New Delhi51 minutes ago
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According to PWC report, 63 percent of the customers in the country are troubled by increasing inflation.
The new rates of Goods and Services Tax (GST), which are implemented from 22 September, will have a positive impact on the budget of common families in India. According to a report by PWC, changes in GST will make everyday goods cheaper, making it easier to handle expenses.
But the report also stated that 63 percent of the customers in the country are troubled by rising inflation. At the same time, about 7% of people are having trouble spending their daily expenses.
63% worried about rising inflation
The report states that 63 percent of the customers are worried about rising food prices. People are changing their habits to deal with this inflation. 44 percent of the people involved in the survey are now buying goods in bulk, while so many people are growing vegetables or food items in their house.
Changes in shopping methods also
About half of the people, who are worried about food prices, are changing their shopping methods. They are now going to different shops, searching discount stores or using offers and coupons so that their budget does not deteriorate.
7% people difficult to spend
The survey also showed that 32 percent of the customers consider themselves ‘financially stable’, while 7 percent said that their financial condition is not good and they are having trouble paying the bill. Relief from GST is very important for families who were troubled by vegetable prices and food inflation. The savings from the new GST rules will give some relief to these families and help improve their financial condition.
New GST rates will be implemented from 22 September
From September 22, 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.
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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