Hey consumers! There is good news for you all. If you are going for a shopping, then do keep a check on your bills closely. Whether you are buying chocolates, toothpastes, shampoos or shaving cream; the printed MRP is going to decrease. You can see a sharp reduction in the GST (Good and Services Tax). The products continue to be cheaper until the companies enhances the base price or raise the margin for different dealers or distributors. The fresh list is yet to come with the revised prices.
As a matter of course, GST Council is trying its best to provide maximum benefits to the consumers. Thus, the discounts are offered from 25-90%. This only applies, if you shop from any store. If you are thinking that it is also for the online shopping, then right now clear your doubt. Online shopping does not come under this.
The companies will issue a new sticker for the products who falls under the MRP category. It is estimated that the government has reduces the tax rate on around 200 products. Out of them 178 were moved to 18% slab from 28%. This important decision was taken by the GST council on November, 10 2017.
Talking about the tax collection
Under the GST rule, now the e-commerce companies will collect the tax at a fixed rate of 1% after paying to the sellers present in their website. This in-turn affects the prices of the products and it is estimated that it will increase and the online shopping will be a costly affair.
Frankly speaking, it is a very good decision taken by the council and brings the change likewise. Even on the stated time, most of the companies are not able to minimize the MRP rates. Therefore, as consumers you must be aware of the prices on which you are buying the products. The revision of milk and chocolate are revised to be decrease. It is true that consumers were waiting for the MRP to decrease down as it brings lots of benefits to them. The concerned person also waiting for the impact after the announcement and the final decision is yet to be taken after the release of notifications. Mind that, some of the companies may not decrease down the prices and enhance the pack sizes.
In July, this smart move helped the Indian consumers by keeping them save against paying unwanted tax. The revision of GST brings a great assistance against 28% slab. The market is going to change dynamically after the introduction of this revision.