If you are a parent, this is how GST will impact you!

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Must-read for all parents!

Whether you like it or not, GST, the current hot topic in the country has brought in a lot of curiosity amongst people. It’s good news for many and bad news for a few. 

However, to help you understand it better we have answered three most asked questions:

What is GST?
Goods and Services Tax (GST) comes along with a tag line- one nation, one tax! This is an indirect way of levying tax applicable throughout India, which has replaced multiple cascading taxes levied by the central and state governments.

Under GST, all goods will be broken down into categories and will have either of these percentage brackets: 0%, 5%, 12%, 18% and 28%. GST is applicable starting 1st July. 

Who will have to pay GST?

GST will be paid by all manufacturers, sellers, service providers such as telecom providers, consultants, chartered accountants etc. However, being an indirect tax, GST will be ultimately borne by the end consumers, just like in the current process.

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If you are a parent in India, this is how GST will impact you:

No. Description of Goods Earlier GST Rate Revised GST Rate
1 Preparations of vegetables, fruits, nuts or other parts of plants, including pickle, murabba, chutney, jam, jelly 18% 12%
2 Ketchup & Sauces [other than curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings], Mustard sauces 18% 12%
3 Curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings 28% 18%
4 School satchels and bags other than of leather or composition leather; 28% 18%
5 Exercise books and notebooks 18% 12%
6 Children’s' picture, drawing or colouring books 12% NIL
7 Computer monitors not exceeding 17 inches 28% 18%
8 Perforating or stapling machines (staplers), pencil sharpening machines 28% 18%
9 Baby carriages 28% 18%
10 Playing cards, chess board, carom board and other board games, like ludo, etc. [other than Video game consoles and Machines] 28% 12%
11 Kites 12% 5%
12 Cereal grains hulled 5% 0%
13 Aluminium foil 28% 18%
14 Spectacles, corrective 18% 12%
Source: http://www.cbec.gov.in/  

Read:  5 helpful tips that will help you better manage your finances

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