GST for a Common Man
With the Rajya Sabha passing all the four GST bills in the parliament, the country's greatest and progressive tax administration GST (Goods and Services Tax) is good to go and will appear as a reality soon. Featured as the most subversive tax reform in the nation after freedom, GST is ordinarily accepted to control transactional costs by presenting a unified tax framework inspiring financial development over the long run.
With a hope that GST will enhance the GDP twice of the percentage, the reforms are expected to come up with a blend of surprises for common population.
While interacting about its long term impression, the fact that comes out is that GST would mark a very optimistic impact on most of the sectors. Additionally based on the GST implementation and experience gathered from other nations as well, India is supposed to experience an inflationary impact mainly during the transaction stage, which may get weaker once the measures like anti-profiteering are rolled out.
However, with the addition of anti-profiteering together with counteractive measures, GST is expected to lead to less cost for most of the supplies to all the users in long run.
Have a glance what GST means to a common man
Services expected to Go Up
- Life Insurance plans Premium
- Online Ticketing Services
- Basic comforts such as DTH and all
- Mobile phone bills
- Banking services
Other Fields that are likely to pace up are
- Medical and healthcare
- Educational Fees and expenses
- Residential Rentals
- Courier services
- Rail/metro fare and services
- With this there are some commodities and services that are sure to experience a drop in the prices within particular state. Here are those:
- Like GST council has plans to embrace in entertainment taxes in GST, movie tickets are expected to turn inexpensive in most of the states across the nation.
- Restaurant food and dining out may become cheaper in a lot of states.
- Population may witness a drop in the rates of vehicles and other such essential goods. To elaborate:
- SUV, luxury and premium cars
- Two wheelers
- Small cars as well as sedans
A common man can see a difference in the white goods. Though there are no chances of expecting a very huge downfall of rates in these, but it is sure to experience a major change in the mentioned goods.
- Washing machines
- Gas stoves, and many other such daily use white goods.
Rates of Injurious products expected to go up
It is expected that a major rise will come up in the rates of tobacco, liquor and other products. So far it has been aggregated that 40% of rise will come up.
What’s expected of this GST application
Well, a common man is expecting this GST to change the picture positively. However these afore-mentioned statements and a guess are primarily based on the data and information released by government officials. With this it is expected that GST will curb cost for a plenty of population. Rest the result and its effect on common pay is in vague.