GST: Consumers benefit from the implementation of GST, prices of these items including flour, LPG stove have come down

New Delhi: Goods and Services Tax (GST) is about to complete 7 years. It was implemented on July 1, 2017. It included 17 local taxes and fees. If seen in the last seven years, GST has reduced the tax rate on many products and services and the public has got direct benefit. According to the data released by the Central Board of Indirect Taxes and Customs (CBIC), after the implementation of GST, the prices of many household items like flour, cosmetics, television and refrigerator etc. have come down.

According to the data of CBIC, before the introduction of GST, there was a tax of 3.5%, 4% and 6% on flour, curd, buttermilk and honey respectively, which has now become zero. On the other hand, there was a tax of 28% on cosmetics and detergents, and 27% on hair oil, soap and toothpaste. After the introduction of GST, these products are taxed at 18%.

Before the introduction of GST, LPG stoves were taxed at 21 percent, which has now been reduced to 18 percent. Data provided by CBIC shows that electronic equipment, fans, water coolers and furniture were taxed at 31.3 percent before the implementation of GST, which has now been reduced to 18 percent.

In the recent GST Council meeting, Finance Minister Nirmala Sitharaman had said that I want to assure the taxpayers that our intention is to make the life of GST taxpayers easier. We are constantly working to reduce the complexities of the system.