The next-generation GST reforms will come into effect from September 22. Under these, prices of several items and products, including electronics, food and automobiles, will get reduced. So, as GST 2.0 takes effect, let’s take a look at what will get cheaper from September 22.
A day before the rollout of GST 2.0, Prime Minister Narendra Modi asserted on Sunday that the next-generation reforms will accelerate India’s growth story, urging people to promote ‘swadeshi’ products. In an address to the nation, the Prime Minister also requested the state governments to participate in his ‘swadeshi’ campaign and promote Made in India products.
“On the first day of Navratri, the country is going to take an important and big step for Atmanirbhar Bharat. With the sunrise tomorrow, the next generation GST reforms will come into effect. A ‘GST bachat utsav (savings festival)’ will begin tomorrow,” PM Modi said.
The next-generation GST reforms will come into effect from September 22. Under these, prices of several items and products, including electronics, food and automobiles, will get reduced. So, as GST 2.0 takes effect, let’s take a look at what will get cheaper from September 22.
- Medicines will get cheaper from September 22, as the GST rates have been reduced on them from 12 per cent to 5 per cent. Besides, there will be no GST on 36 critical life-saving drugs for cancer, genetic and rare diseases, and cardiovascular conditions.
- The GST on medical devices and diagnostic kits has also been reduced to 5 per cent.
- GST on small cars has also been reduced to 18 per cent. Thanks to this, several automobile companies have already announced a reduction in their rates.
- Besides, GST on two-wheelers would also be 18 per cent.
- Products such as hair oil, toilet soap bars, shampoos, toothbrushes, and toothpaste will now attract GST of 5 per cent. Talcum powder, face powder, shaving cream, and after-shave lotions are also in 5 per cent GST bracket.
- GST on services at health clubs, salons, barbers, fitness centres, and yoga centres will also be 5 per cent.
- Products such as ghee, paneer, butter, ‘namkeen’, ketchup, jam, dry fruits, coffee and ice creams will also get cheaper.
- Electronic products like TV, air conditioners, washing machines, and dishwashers will also get cheaper.
- GST on cement has also been reduced to 18 per cent from 28 per cent.
