How New GST Cuts Could Save Middle-Class Families Rs 45,000 Annually
The GST Council’s recent decision to overhaul India’s indirect tax system could lead to significant savings for middle-class households, potentially boosting the economy just in time for the festive season. The new two-slab structure (5% and 18%) is set to replace the previous four-tier system, making a wide range of essential goods and services more affordable.
According to financial experts, a typical middle-class family earning around Rs 12 lakh per year could save up to Rs 45,000 annually on everyday expenses like food, education, healthcare, and consumer goods. When combined with recent income tax relief, the total savings could exceed Rs 1.25 lakh, which is comparable to a salary increase of over 10%.
Key Savings to Expect:
- Daily Essentials: Items like soaps, toothpaste, and stationery will now be taxed at just 5%, down from 12-18%.
- Consumer Durables: Major purchases such as LED TVs, air conditioners, and refrigerators will see their GST rate reduced to 18%.
- Healthcare: Life and health insurance premiums are now fully exempt from GST. Additionally, many life-saving drugs are now tax-free, and common medicines will only have a 5% levy.
- Travel and Entertainment: The GST on small cars and two-wheelers up to 350cc has been reduced to 18%. Cinema tickets, gym memberships, and salon services also fall into lower tax brackets.
Finance Minister Nirmala Sitharaman stated that these reforms are aimed at easing the financial burden on the common man and will support labor-intensive sectors and agriculture. This strategic move is expected to translate into stronger consumer sentiment, higher demand for goods, and a much-needed boost for India’s manufacturing sector.
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