Volume : VII, Issue : XII, December - 2017

A STUDY ON IMPACT OF GST: IMPACT ON OUR HOUSEHOLD BUDGET

R. C. Saravana Kumar

Abstract :

 The tax system in India has seen an overhaul with the launch of Goods and Services Tax (GST) from July 1, 2017. The GST, in its making, was met with both inhibitions and excitement. While the country is still debating the impact of the four–structure tax system, some of its benefits have already started to trickle down to the masses.

India now has four tax slabs – 5%, 12%, 18% and 28% and an exempt and additional cesses category. A separate 3% for Gold, Silver, Diamond and other articles. Though GST will impact the budget of everyone differently, depending on their lifestyle patterns, the change in household expense is set to be more or less the same for everyone.

Some household articles have seen a price increase, while the prices of many others have come down. Food products have seen a GST imposition of 0–5%, while toiletries have seen an imposition of 18%.

Keywords :

Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

R.C.SARAVANA KUMAR, A STUDY ON IMPACT OF GST: IMPACT ON OUR HOUSEHOLD BUDGET, INDIAN JOURNAL OF APPLIED RESEARCH : Volume-7 | Issue-12 | December-2017

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