New gst slab: The GST Council has made a big change in the rates of GST, which will save more money in everyone’s pockets from common man to high-end group. Under this new change, many things like grocery, insurance, car and even yoga class will become cheaper. The new change will increase the savings without changing the way you spend. Let us tell you how much savings will be.
The most impact on the pocket of the common man
The common man will benefit the most of new changes. For example, a family with a monthly budget of ₹ 80,000 will be able to save about ₹ 2,640 every month without changing its consumption. This savings will be mainly due to the rate of GST on everyday needs such as eating and drinking and grocery items from 12% to 5%. Apart from this, GST has also decreased on gym membership, salon and health and life insurance.
However, a family with a monthly budget of ₹ 3 lakh will save ₹ 5,916 and a family of ₹ 10 lakh will save ₹ 14,800, but in terms of percentage it will be less than the common man. One thing has to be kept in mind that expensive clothes and shoes of more than ₹ 2,500 will be expensive, because they will have 18% GST.
Auto and real estate sector benefit big
This change will also benefit the auto sector. GST has been reduced to 18% on small petrol or CNG cars up to 1200cc. This means that a car of ₹ 6 lakh will now be available for ₹ 5.48 lakh, which will save directly of ₹ 52,000. Even the prices of mid-segment and luxury cars will fall. The real estate sector is also seeing positive effects. The construction has reduced the GST on a large cost cement, which will have a net effect of 3.6% on the cost of housing. Along with this, the decline of repo rate by 1% has also reduced home loan rates, which will save about ₹ 35 per lakh every month on a loan of ₹ 50 lakh.