New Delhi, Sep 06 The government has introduced ‘https://www.savingwitgst.in‘, a website designed to allow consumers to compare product prices before and after the Goods and Service Tax (GST) reforms, which are set to take effect on September 22.
This platform, developed by MyGov, categorizes items such as food, household goods, and electronics, enabling users to view prices under ‘Base Price’, ‘Selling Price under VAT’, and ‘Selling Price under Next-Gen GST’.
These reforms, approved by the GST council, consolidate the previous four-tier tax structure (5%, 12%, 18%, 28%) into two primary slabs: 5% and 18%, with a 40% slab for specific luxury and sin goods.
Announced by Prime Minister Narendra Modi, the changes aim to provide direct savings to households. Examples of revised taxation include zero GST on UHT milk, paneer, and Indian breads; a 5% GST on soaps, shampoos, toothbrushes, tableware, and bicycles; reduced rates for certain food items and packaged snacks from 12% or 18% to 5%; consumer durables like TVs under 32 inches and ACs moving to 18% from 28%; and small cars and two-wheelers below 350cc also moving to 18% from 28%. Farm machinery and irrigation equipment will be taxed at 5% (down from 12%), while tobacco and aerated drinks will remain at 40%.
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