As you get ready to welcome the New Year, here’s a ready-guide on the recent GST rate-cuts to help you jump-start your long-held plans.
2018 was a year of promises, resolutions, hopes and surprises. A slew of key reforms sprung to life the rusted coils of Indian economy and put it back on the global map. The GDP showed solid growth, FDI inflows were promising, and India’s overall business outlook was at an all-time high. Of all things, however, the introduction of GST remains the government’s poster-boy of financial prowess in recent times.
What is GST?
The Goods and Services Tax is a comprehensive tax levied on the manufacture and sale of goods and services at a national level. With the help of GST, the other taxes such as Central Sales Tax, stamp duty, entry tax etc. have been replaced with a simplified layer of taxation.
While the GST is primarily aimed at reforming the way businesses pay their taxes, it has its impact on the common man as well. At a basic level, when the GST on a particular item is high, the consumer ends up paying more and when the GST is low, the consumer pays a lower price.
Additional Reading: How Does GST Work?
GST Rate-Cuts On Gadgets, Cameras And A Whole Lot More!
With the year coming to an end and Christmas celebrations already in full swing, the government has introduced major cuts in GST rates to ensure you end this year on a festive note and welcome the new year on a high.
If you’re wondering as to how you can take complete advantage of this year-end bonanza, here is a list of consumer items you can buy at a discounted rate in the new year:
Gadgets
Monitors and TVs of up to 32-inches screen size will now attract 18 percent GST rate instead of 28 percent. What this essentially means is that you can now finally go out and purchase your favourite Smart TV without getting tangled in monetary blues.
Power Banks
The list of items on which GST has been reduced also includes power banks. This means you can take the much-needed lithium-ion battery chargers off your bucket-list and bring them home.
Additional Reading: Cashback On Shopping Could Be Taxable
Digital & Video Cameras
Point, click and shoot all you want this new year with the DSLR that you’ve been eyeing for some time. With the GST rate-cut slashing down the existing price of digital & video cameras, don’t be surprised if you get to grab your favourite piece at a jaw-dropping price.
Video Game Consoles
Hard-core gamers are in for a treat. The just-introduced GST rate-cuts have taken into consideration the immense popularity of gaming consoles and reduced the GST rate to just 18 percent! For those who are yet to dip their fingers into this world of madness, take this opportunity and give it a try.
Additional Reading: E-way bill generation to be blocked for businesses that don’t file returns under GST
Cinema Tickets
The GST rate on cinema tickets above Rs.100 has been brought down to 18 percent from an earlier 28 percent while the GST rate on tickets up to Rs.100 has been brought down to 12 percent from an earlier 18 percent. This seems like a win-win situation as the drop in movie ticket prices may finally inspire you to get off your lazy couch and watch your favourite movies in theatres.
Ready. Set. Go.
As you gear up to get started on a bunch of exciting avenues to make your life bigger this new year, remember to make room for a Credit Card. If you have not tried one yet, maybe… it’s time!