The government has removed the 12 per cent and 28 per cent GST slabs, simplifying the structure from four slabs to two main slabs. Under the revised system, the standard GST rates will be 5 per cent and 18 per cent. Additionally, a 40 per cent GST slab will continue to apply to sin goods and certain high-end vehicles.
PM Modi extends Mahalaya greetings
Earlier in the day, Prime Minister Modi greeted the nation on the occasion of Mahalaya, marking the beginning of the Durga Puja festivities. Sharing his message on X, he wrote: "Wishing you all Shubho Mahalaya! As the sacred days of Durga Puja draw near, may our lives be filled with light and purpose. May the divine blessings of Maa Durga bring unwavering strength, lasting joy and wonderful health."
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The devout believe that Goddess Durga begins her descent from her abode in Mount Kailash to the Earth on this day (Mahalaya).
GST rate cut kicks in from September 22
From Monday (September 22), prices of a wide range of items, from kitchen staples to electronics, medicines to automobiles, will come down as reduced GST rates on around 375 goods take effect. The GST Council, comprising the Centre and states, has decided to implement these tax cuts starting September 22, coinciding with the first day of Navratri.
Essential items such as ghee, paneer, butter, snacks, ketchup, jam, dry fruits, coffee, and ice creams, along with aspirational goods like TVs, ACs, and washing machines, will become more affordable. FMCG companies have already announced price reductions in line with the GST rationalisation.
The GST on most medicines, medical formulations, and devices like glucometers and diagnostic kits has been reduced to 5%, easing healthcare costs for the common man. Homebuyers will also benefit, as GST on cement has been cut from 28% to 18%.
Automobile buyers are set to gain the most, with GST on small and big cars reduced to 18% and 28%, respectively, and several car manufacturers have already lowered their prices accordingly.
With regard to services, GST on beauty and physical well-being services, including services of health clubs, salons, barbers, fitness centres, yoga, etc has been slashed from 18 per cent with Input Tax credit (ITC), to 5 per cent without tax credit. Also, daily use products like hair oil, toilet soap bars, shampoos, toothbrush, toothpaste, too, are likely to get cheaper as tax on them has been cut to 5 per cent from 12/18 per cent currently.
Other daily use items like talcum powder, face powder, shaving cream, and after-shave lotion, too, could see a reduction in prices as GST has come down to 5 per cent, from 18 per cent.
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