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On the first of July, 2017, India will awaken to the biggest tax reform post the independence era, the Goods and Service Tax (GST).
While it is expected that most goods may become cheaper after the implementation of the GST, a significant number of services and goods will become more expensive after the tax comes into effect. In fact, the biggest increase of 28 per cent is targeted at the so called luxury goods and white goods.
Inspite of protests, Finance Minister Arun Jaitley has said, exempting “luxury items” from indirect tax will not help keeping the proposed GST rate in the 17-18 per cent range.
“If luxury items are kept out, then it will be very difficult to keep the GST (Goods and Services Tax) rate between 17 per cent and 18 per cent,” Jaitley said during the inauguration of the annual session of the Confederation of Indian Industry (CII).
So, here’s a look at how the prices of Luxury Goods and White goods will change from July 1, 2017.
1. Luxury Cars:-
The cost of Luxury Cars are to become cheaper post GST. Cars from brands such as Mercedes, Audi etc come under this category.
2. Audio Systems/Home theatres
Taxes upto 25% are already levied on customers on the purchase of Audio Systems/ Home theatres, however, Audio systems could become marginally dearer post GST.
3. Televisions
Similar to Audio systems, Televisions also currently have taxes between 23 to 25% levied on its purchase. Televisions too could become marginally dearer post GST.
4. Refrigerators
Consumers pay 23 to 28 per cent tax on these currently. Like other white goods, refrigerators could become marginally dearer from July 1st.
5. Mobile phones
Mobile phones are taxed at 13.5 per cent currently. After GST, this will increase to 18 per cent. But if the phones/components are made in India, they could be taxed lower. Since most luxury phones are made outside India a price rise of around 3.5 per cent is expected.
6. Antique Gold Coins
Antique coins tax increases from 1 per cent to 5 per cent post GST.
7. Leather products.
Under the Goods and Service Tax , leather products will be taxed at 28%.
The Goods and Service Tax is definitely a change the country needs to get used to but,
whether the Indian economy will see it’s proposed inflationary effect after the GST implementation, is still a question on all our minds.
