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How GST Bill impacts common man in India?

Ritam Dutta
24 Aug 2016
Read Time : 7 Mins
How GST Bill impacts common man in India?

There are numerous types of bill paid by us. Every citizen of India was pretty anxious about the amendment of long-awaited Goods and Services Tax (GST) Bill and its impacts on our daily life. Rajya Sabha set to pass the GST Bill, nation’s most transformative tax reform in decades is likely to affect in common man in many ways.


The historic legislation promises to unify the tax system in India, as the GST reaches its final stages, which increase the GDP by 2%. So it's a mixed bag for consumers for goods while services could get more expensive. But how does it impact you? Here is quick balance sheet on how this tax legislation will impact your budget in coming days.


For eating out, if you spend Rs 1000. Currently you pay on an average 18.5 % as service tax and VAT. So apart from the service charge you usually have to bear the burden of Rs 1185.


Under the GST regime, its expected that the rates can be fixed at 18% or above. Accordingly at 20% approximate tax rate, your bill is set to go up, to at least Rs. 1200. As the states are expected also to decide service tax rates, your phone bill could see escalation of taxes.


So on a bill of Rs 1000 on which you pay service tax of 15 % and finally pay Rs. 1150. Post the GST, if the tax rate is fixed at 18 % then you will have to shell at least Rs. 1180. Purchasing branded clothes and fashion items will be cheaper, as the effective excise duty (7.5%) and VAT of average 5% will be subsumed in GST slab.


So if you pick up a Rs. 1000 T-shirt today you pay 1125 including various taxes but if GST is kept at 12% then your final bill will be Rs. 1120.


Buying a car will not only be easier in different states with price similarity between manufacturing and non manufacturing states but tax experts believe it will be cheaper as well.


If you planning to buy an imported phone from the market the countervailing duty and VAT comes to 12.8%. So if the GST council decides to peg the rate at 18%, then for a Rs. 10,000 phone for which you pay Rs. 11,280 currently, you will have to shell out Rs. 11,800.


But watching TV could get cheaper, as part of the Make in India initiative, the GST is expected to be lower. So at present for Rs. 20,000 LED TV you pay around 24.5% tax eventually shelling out Rs. 24,900.


As the GST rate is expected to be at 18%, for you the cost will come down to Rs 23,600. Tax experts have pointed how currently only 2% of effective taxes are passed on to the consumers but as per the GST model at least 6% rates could be imposed, impacting the jewellery purchase.


Buying bags, shoes, electronic gadgets online will be getting more expensive as the e-commerce industry comes into a tax net and will have to pay tax deducted at source for every purchase from its sellers. Therefore e-commerce companies which will see shrinking of profit margins & increase tax compliance net could slash discounts & freebies that they offer.

 

Image: Google
 

Authored By Ritam Dutta

Ritam Dutta is an official partner of "Day On My Plate". He is an entrepreneur in mind and passionate blogger by heart. Moreover, he is also an academician, author, public speaker, investor, and internet personality.

 

Our Vision

A Platform of Bloggers to share idea in shorts. Day On My Plate provides latest tech tips, incorporates current feeds, lifestyle, travel, photography and education with video tutorials.

Author Name : Papri Ghosh [Co-Founder & Author ]

Papri Ghosh

Co-Founder & Author

View Details
Author Name : Ritam Dutta [Co-Founder & Author ]

Ritam Dutta

Co-Founder & Author

View Details
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