With only 2 days left for the New GST rates, products in almost all sectors will witness a price drop. Termed as PM Modi's Diwali Bonanza, Centre has revised GST rates.
Finance Minister Nirmala Sitharaman had announced that with the GST changes, 99% of goods taxed at 12% will now be taxed at 5%. This includes items like butter, cheese, sweets, and snacks. Taxes on many items, such as biscuits, ice cream, soap, and toothpaste, will also be reduced from 18% to 5%.
Continue reading below to know items that will get cheaper-
Essentials like UHT milk, paneer, Indian breads
Soaps, shampoos, toothbrushes, toothpaste - GST cut from 12% to 5%; cheaper daily essentials
Packaged snacks, chocolates, coffee- GST Reduced to 5%
TVs (LCD/LED), ACs, dishwashers- GST cut from 28% to 18%
Cement, marble, granite, bricks, bamboo flooring
Small cars, two-wheelers, buses, trucks- GST cut from 28% to 18%
Tractors, harvesters, irrigation equipment- GST cut to 5%
Bio-pesticides, natural menthol- GST cut from 12% to 5%
Services
Hotel stays (up to ₹7,500), gyms, salons, yoga- GST cut to 5%
Textiles & Handicrafts
Man-made fibers, handicrafts, dolls, paintings- GST cut to 5%
Education
Exercise books, pencils, geometry boxes- GST cut to 0% or 5%
Medical
Life-saving drugs, spectacles, medical devices- GST cut to 0%-5%
Insurance
Life and health insurance premiums- GST Exempted
Addressing a meeting to discuss the latest GST reforms for agricultural machinery in the presence of industry representatives, Shivraj Chouhan thanked Prime Minister Narendra Modi for the GST rate cuts.
He said that GST on agricultural machinery, earlier at 12 per cent and 18 per cent, has now been reduced to 5 per cent, effective from September 22 which will directly benefit farmers.
A 35 HP tractor will now be cheaper by Rs 41,000, a 45 HP tractor will now be cheaper by Rs 45,000, a 50 HP tractor will now be cheaper by Rs 53,000 and a 75 HP tractor will now be cheaper by Rs 63,000.
Even small tractors used in horticulture and weeding will see cost reductions. A 4-row paddy transplanter will now be cheaper by Rs 15,400, while a 4-tonne-per-hour multi-crop thresher will cost Rs 14,000 less. A 13-HP power tiller will also cost Rs 11,875 less.
Passing on the full benefit of Goods and Services Tax (GST) reforms, Suzuki Motorcycle India on Friday announced to cut prices on its two-wheeler range by up to Rs 18,000 from September 22.
According to the two-wheeler subsidiary of Suzuki Motor Corporation, the Gixxer SF 250 model would see the highest price cut of Rs 18,024 in the ex-showroom price, followed by V-Strom SX (Rs 17,982), Gixxer 250 (Rs 16,525) and Gixxer (RS 11,520).
Among the scooter range, the Burgman Street Ex will become Rs 9,798 cheaper, the Burgman Street price will go down by Rs 8,373, the Avenis will have a price reduction of Rs 7,823, and the Access price has been reduced by Rs 8,523.
The two-wheeler manufacturer said that the GST 2.0 reforms will make Suzuki two-wheelers and spare parts more affordable and accessible across the country.
Customer enquiries for cars have increased significantly by 15-20 per cent across segments after Maruti Suzuki India (MSIL) announced passing on the full benefits of GST 2.0, a report said on Friday.
Dealers have been witnessing a surge in enquiries in both online and walk-in, and especially for entry-level cars like K10, Celerio, S-presso and Wagon R, in Tier-1 cities, HSBC Global Investment said in its report.
According to the report, the share of first-time buyers has increased by 5-7 per cent in total bookings so far.
The premium hatchback segment (Swift, Baleno, and others) is also seeing a decent uptick.
The report highlighted that the passenger vehicle (PV) segment is now expected to grow by double digits (YoY) during the upcoming festive season, compared to single digits before the GST cut announcement.
MSIL announced steep price cuts on its entry-level portfolio, more than the impact of the GST cut.
"MSIL took a price cut of 11-21 per cent on its entry-level portfolio. 9-11 per cent on premium hatchbacks, and up to 8 per cent on Brezza, more than the impact of the GST cut (3.5-8 per cent)," the report noted.
Maruti Suzuki announced a reduction in car prices across its portfolio on Thursday, allowing customers to fully benefit from the recent drop in the GST rates on cars.
Entry-level models will see the biggest reductions, with the Alto K10 and S-Presso seeing price reductions of up to Rs 1.07 lakh and Rs 1.29 lakh, respectively.
Significant savings of between Rs 71,300 and Rs 1.29 lakh will also be available for other hatchbacks, including the Celerio, Wagon-R, and Ignis.
The cost of small SUVs will also decrease.
With INPUTS: IANS