Effective 1st April, a lot of things are going to cost you more. However, not everything is getting expensive, some items are going to get cheaper as well. The financial year brings in a number of changes, implementation of new laws and a change in prices. GST will be implemented from July and it will require a lot of paperwork and adherence to the laws. The rates of GST are estimated between 26% to 32%, which will vary for different products.
Smoking will now cost you more and builders will no longer be happy. With an increase in the cost of cigarettes for smokers and LED lamp components for builders, they will have to shell out much more. You will also have to pay more for your new car now. The more expensive your car, the higher your LED lamp will cost. In addition, you will have to shell out more for the premium of your car.
The following list of items will cost you dearer:
- Cashew Nuts (Salted and Roasted)
- Chewing Tobacco
- Paper rolled handmade bidis
- Pan masala
- LED Lamp Components
- Silver coins and Medallions
- Aluminium Ore and Concentrates
- Polymer coated MS tapes that are used in the manufacturing of optical fibres.
- Car premiums
- Motorcycle insurance
- Health Insurance.
Along with an increase in prices, the Government is also making things cheaper. Frequent travellers will have to pay less for online booking, there is good news for homemakers, no duties on RO membrane has made it much cheaper now. In order to achieve digitalization in the Country, the Government has ensured that the cost of POS machines and fingerprint readers is reduced.
The following list of products will get cheaper:
- Online booking of railway tickets
- Group insurance for Defence services
- Wind operated energy generator
- Fuel cell based power generating system
- RO membrane elements for household usage
- Solar tempered glass used in solar panels
- Vegetable tanning extracts which are used in manufacturing leather products
- POS machine cards and fingerprint readers.
The implementation of GST in July will widen the tax net and bring more products under the tax net of the Central and State Government. The Government has made an attempt to make clean energy sources cheaper by providing a rate cut on it. The increase in the cost of cigarette and tobacco is only to reduce the consumption to a minimum.