GST: What may become dearer and cheaper
With the Rajya Sabha passing the historic GST Bill on Wednesday, here is a list of things that could become cheaper or dearer.
Zee Media Bureau
New Delhi: In the biggest tax reform since Independence, the national sales tax or GST Bill was today approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.
The 66-year-old Constitution, which gives power to Centre to levy taxes like excise, and empowers states to collect retail sales taxes, was amended though the 122nd Constitution Amendment Bill.
Here is the list of items that are likely to get cheaper and dearer.
Following items may get cheaper
Price of SUVs may fall
Car batteries prices
Paint, cement prices
Movie ticket prices as entertainment tax will come down
Electronics items like fans, lighting, water heaters, air coolers
Real estate sector - with expected reduction in its tax burden
Mobile phones, Laptops
Following items may get dearer
Hotels and restaurants
Cigarette prices because tobacco tax will be higher than current one
Mobile phone calls
Internet, mobile data rates
Textile and branded jewellery items
Airline, train tickets
Life insurance, health insurance and motor insurance