With the launch of Goods and Services Tax in India on 1st July 2017 by our Finance Minister Arun Jaitley, there has been a lot of speculations about its impact on the Indian economy. However, things have worked quite well under the “one nation one tax system” and a positive impact has been seen so far.
Also read: Check our simplified version of GST Calculator in India
However, there were certain segments of the new tax Bill which needed to be revised and refined to meet the expectations of people. The Government of India took note of the matter and came up with some changes in the tax system. The result of this is the revised rates of certain goods and services in the country.
Here is the revised GST rates chart 2019 listing the most common consumer items in India with their new GST rates
The single taxation system has impacted the economy of the country in various ways. With the simple tax structure, it has become easier for businesses to calculate tax which has ultimately saved them time and money. This has been the biggest impact of this tax reform.
Apart from this, there has been a steep fall in the production cost which has resulted in increased exports. With the fall of production cost, there has been reduction in the final price of products. This has helped in reducing consumers’ tax burden.
While this new tax regime brought new challenges for some people, the revised GST rates will certainly bring them some relief.