From refrigerator to washing machine, 88 items to get cheaper | July 22


ONAD-The highest tax bracket of 28% has been rationalised further with rates on daily-use items

? Cool Title, but what’s the news?

Refrigerator, washing machine, small screen TV, storage water heaters, paints and varnishes, will attract 18% GST as against 28% at present, while sanitary napkins have been exempted from the levy.

? Okay, but what does it mean?

The highest tax bracket of 28% has been rationalised further with rates on daily-use items like perfumes, cosmetics, toiletries, hair dryers, shavers, mixer grinder, vacuum cleaners, lithium ion batteries, being lowered to 18%. The revised tax rates will come into effect from 27 July. Also, the tax rate on supply of e-books has been cut to 5% from 18%.

? Why should I care?

Sources, however, said the tax rate reduction is likely to cost around ₹8,000-10,000 crore annually to the exchequer.

Source: Livemint


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Written by

Vedant Kaushik