Daily consumer goods to become cheaper under GST: FinMin
Daily consumer goods are likely to become cheaper by 4-5 per cent under the Goods and Services Tax (GST) system, benefitting the common man, the Finance Ministry said on Thursday.
"Tax on food grain, flour, cereals, and pulses will be zero after the GST comes into force on July 1. Thus, these items will be available at cheaper rates to the common man," a ministry statement said here.
"... most of these items are expected to become cheaper by approximately 4-5 per cent compared with their existing prices," it said.
However, branded items with registered trade mark, including milk, vegetables, fruit, puffed rice, salt, animal feed, organic manure, fuelwood, raw silk, raw wool, jute, and hand-operated agricultural equipment will be taxed at the rate of 5 per cent under the GST.