On the first day of Navratri, GST reduction is being implemented. Starting from medicine, electronics, kitchen items to cars & bikes, there will be a major slab change. As a festival bonanza, 375 items are getting cheaper. The GST Council’s reduced tax rates are being implemented starting today.
In an address to the nation yesterday, Prime Minister Narendra Modi announced that the GST rate cut is being done to lower the burden on citizens, “Now, there will be only 5 per cent and 18 per cent tax slabs in GST. Most everyday items will become cheaper. Food items, medicines, soap, brush, paste, health and life insurance, many such goods and services will either be tax-free or only have 5 per cent GST.”
Starting today, mass consumption items such as paneer, butter, ghee, ketchup, jam, dry fruits, coffee and ice creams, and luxury goods like TV, AC, washing machines are getting cheaper.
Here in The CSR Report, this is the complete breakdown:
What will be the cost of TV?
There will be a reduction in the price of TV by Rs 85,000. TV manufacturers are reducing the price, GST on TVs with screen size above 32 inches has been reduced to 18 per cent, which was earlier 28 per cent.
TV manufacturers have announced a price cut ranging from Rs 2,500–85,000, which will vary by size.
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Sony India: Reduced price ranges from Rs 5,000 to Rs 71,000 on its Bravia TV (43 inches–98 inches).
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LG TV: Reduced price ranges from Rs 2,500 to Rs 85,800 (43 inches–100 inches).
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Panasonic: Reduced price ranges from Rs 3,000 to Rs 32,000.
Cost of ACs after rate cut
The GST on ACs has been reduced to 18 per cent from the earlier 28 per cent. Companies such as Voltas, Daikin, Godrej Appliances, Panasonic, and Haier have announced the price cut.
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Godrej Appliance: Price reduction range Rs 8,550–12,450 on cassettes & tower models.
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Split AC: Price reduction range Rs 3,200–5,900.
Price of Smartphones and Laptops
There will be a GST slab change for smartphones and laptops. As per government direction, the GST for both smartphones and laptops will be 18%.
Medicine cost
From medicines to medical devices, the GST Council has decided a few drugs and medicines listed below will now have a lower tax structure of 5% GST, compared to their earlier 12% levels:
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Agalsidase Beta
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Imiglucerase
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Eptacog alfa activated recombinant coagulation factor VIIa
From Monday, the following lifesaving drugs and medicines will attract zero tax under the revamped GST structure, compared to their earlier 12% GST levels:
Onasemnogene abeparvovec, Asciminib, Mepolizumab, Pegylated Liposomal Irinotecan, Daratumumab, Daratumumab subcutaneous, Teclistamab, Amivantamab, Alectinib, Risdiplam, Obinutuzumab, Polatuzumab vedotin, Entrectinib, Atezolizumab, Spesolimab, Velaglucerase Alpha, Agalsidase Alfa, Rurioctocog Alpha Pegol, Idursulphatase, Alglucosidase Alfa, Laronidase, Olipudase Alfa, Tepotinib, Avelumab, Emicizumab, Belumosudil, Miglustat, Velmanase Alfa, Alirocumab, Evolocumab, Cystamine Bitartrate, CI-Inhibitor injection, Inclisiran.
Medicinal components:
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All drugs and medicines, including Fluticasone Furoate + Umeclidinium + Vilanterol FF/UMEC/VI
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All drugs and medicines, including Brentuximab Vedotin
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All drugs and medicines, including Ocrelizumab
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Pertuzumab
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Pertuzumab + Trastuzumab
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Faricimab
For Homebuyers
GST on cement is now 18 per cent, earlier it was 28 per cent. This will likely help lower home prices.
What will be costly?
GST tax has been increased to 40 per cent from earlier 28 per cent. So, Coca-Cola and Pepsi lovers will now pay more. Other non-alcoholic beverages will also see a price increase.
Petrol & Diesel Vehicles
High-end petrol and diesel vehicles with engines above 1,200 cc and 1,500 cc, respectively, will now attract 40 per cent GST. In the case of motorcycles above 350 cc, 40 per cent GST will also be applied.
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