There is good news on the household front for the Household items are soon going to get cheaper following a drastic reduction in the Goods and services tax. The typical items which include are chocolates, toothpastes, shampoos and shaving creams.
Let us do some price watch
The Revised GST comes up with a list of lower tax slabs which comes into effect from today.
The manufacturers have asked the sellers to pass on these benefits to the consumers with immediate effect
However the new price stickers may take time to publish the stickers.
However the Government is yet to issue the new guidelines of pasting the stickers with the new revised prices.
However the Government is of the view that people still have to wait for the changes on the products.
The maximum retail price of a product includes taxes and till the time a company increases the base price or the margin for the producers and distributors these products should become cheaper.
What was the reduced tax cut all about?
The GST announced the reduced tax rate on about 200 products among which 178 of them were moved to the 18 percent tax slab.
The new rates were effective from the 15th of November, with both the Centre and the State issuing various notifications. However the time has been the greatest challenge with the Centre and the State having very less time to get through with the changed prices scenario. However it is a good development that the Centre has taken to develop, as in a few reported cases there was not a clear date mentioned.
In any cases the transition, takes a little bit of time and that is the most important.
However not anything as been announced officially and the revised prices will soon come into effect eventually.