New goods and service tax system implemented, lowers prices of approximately 370 products

New -Delhi, September 22 (IANS). India’s new tax and service tax system came into effect from Monday. GST improvement has reduced tax on about 370 products, including everyday essential things and life -saving medicine. Finance Minister Nirmala Sitharaman has announced that the purpose of this change is to invest about Rs 2 lakh crore in the economy by increasing the disposable income of consumers. Ultra-high temperature (UTH) More than 50 items, including loaves such as milk, prepackaged and label Chheep/cheese, pizza bread, Kakhara, Chapati/Roti have now come into a zero tax category. 33 Essential medicines and therapy for conditions such as cancer and rare diseases are no longer under GST, while many other medicines have also been reduced from 12 percent to zero. Now only 5 percent GST applies to medical devices such as diagnostic sets and glucometer. Stationary items for school and office such as Eraer, pencil, grinding, chalk, chalk and charts have now been reduced to 5 percent. Prices of many consumer goods such as butter, rusks, condensed milk, salt, jam, ketchup, juice, dry fruits, ghee, ice and sausage were also reduced. Dry fruits and nuts such as almonds, cashures, pistachios and dates are now taxed at 5 percent instead of 12 percent. Housing cement tax was reduced from 28 percent to 18 percent. Lower rates will also be applied to services such as haircut, salon treatment, yoga class, gym and health clubs. Apart from this, Zero GST category now also contains toothpaste such as soap, shampoo, hair oil, face cream and shaving cream. GST on kitchen and electronics such as air conditioner, television, washing machine and dishwasher was reduced from 28 percent to 18 percent. The government included Cess in GST to compensate revenue shortage and imposed 40 percent tax on luxury and sin goods. Sports utility and multi -purpose vehicles, with a capacity of more than 1 200 cents (petrol) or 1,500 cc (diesel) and 4 meters, will now be below 40 percent tax. -Ians skt/