Search
GST Taxation: Consumer Goods Like Bread, Milk Could Become Cheaper
May 25, 2017
The majority of mass consumption items such as biscuits, hair oil, etc. as well as capital goods and industrial inputs can become a lot cheaper under the GST regime which will not only increase the consumption in the country but also promote investments by foreign players.
According to finance minister Arun Jaitley, more than 80% of the goods would fall in the 18% tax bracket. Till now GST has been finalized for about 1,211 items.
The following explains how the current taxes with change with GST:
- Coal- from current 5% to 11.7%
- ACs and Refrigerators- from current 29% to 28%
- Toothpaste, hair oil, etc.- from current 29% to 18%
- Sweets, milk, etc. – from current 5% to 0%
