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GST News: Cars, Mobile Phones, Computers, What May Get Cheaper In New GST System | GST 2.0

An overhaul of GST hailed as 'next generation' by PM Modi in his Independence Day speech last week is expected to slash prices of daily-use items by rationalising and reducing the number of brackets under which various goods are taxed. The revision is expected to lower taxes on passenger vehicles and two-wheelers. As per sources, 5% and 18% brackets have been proposed. Goods earlier taxed under other brackets, i.e., 12 and 28%, will now be shifted to one of these. Reportedly, govt plans to cut tax on 90% of all goods currently attracting 28% GST and drop these into 18% bracket. Similarly, a large chunk of goods now taxed at 12% will face reduced levies-5% only. The 5% bracket will include 'daily-use' items, the govt said. Toothpaste to umbrellas and small household appliances like sewing machines, pressure cooker, etc will get cheaper. Bicycles, readymade garments and footwear, vaccines, ceramic tiles and agricultural tools are likely to be in this list as well. So too will mobile phones and computers, air conditioner, hair oil, processed foods and stationary items. Cars and bikes will most likely drop to 18% bracket, making them at least 10% cheaper. In addition, there will be a special 'sin tax' of 40% on certain items, including tobacco products.

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