PIYUSH GOYAL WILL BRING HOME A TV! WHAT WILL YOU BUY AFTER THE GST REDUCTION?

PIYUSH GOYAL WILL BRING HOME A TV! WHAT WILL YOU BUY AFTER THE GST REDUCTION?

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RAJIV NAYAN AGRAWAL

DELHI-------------------------------Piyush Goyal stated that these GST reforms will benefit people from all walks of life, whether middle-class, women, students, or young job seekers. Prices of most products, from toothpaste and oil to TVs, mobile phones, and vehicles, will decrease. This will ease daily budgets and increase people's purchasing power.

Ahead of the festive season, the government has announced significant relief for the common man. The GST Council has reduced the tax slab from 4 to 2. The government's new GST 2.0 policy comes into effect on September 22nd, and products like TVs, cars, and two-wheelers will become significantly cheaper. This means that this Diwali shopping will be significantly impacted, as the GST rate changes will make everything from everyday items to vehicles and electronics cheaper.

At NDTV Profit's GST Conclave, Union Minister Piyush Goyal was asked, "What was the discussion at home when GST rates were reduced? What were the plans to buy?" He smiled and said that his family also discussed what to buy. Perhaps this time, a new television might be coming to their house, or the children might insist on buying a two-wheeler.

He said, "Maybe we'll buy a TV because it's become cheaper, or a two-wheeler if the children wish. In many families, women might be calculating their budget because most of the things used from morning till night have become cheaper." So, what are you thinking about buying this Diwali: a TV, a bike, or a car? Let's find out how the new GST 2.0 policy will impact your pocket...

Under the new policy, GST on small cars has been reduced from 28% to 18%. This will reduce the price of cars by lakhs of rupees. Regarding two-wheelers, all bikes and scooters up to 350cc will now attract 18% GST, up from 28% previously. This means direct savings of thousands of rupees for two-wheeler buyers.

But if you're considering a bike above 350cc, it will be more tax-intensive. These will now be considered luxury products and will be taxed at 40% GST.

Electronic products like TVs, refrigerators, washing machines, dishwashers, and ACs, which previously attracted a 28% GST, will now attract only 18% GST. This means the middle class has received significant relief even before Diwali.

Piyush Goyal stated that this reform will benefit people from all walks of life, whether they are middle-class, women, students, or Young people seeking jobs. Prices of most products, from toothpaste and oil to televisions, mobile phones, and vehicles, will decrease. This will lighten daily budgets and increase people's purchasing power.

According to Piyush Goyal, GST reforms will control inflation and lower interest rates. When inflation and interest rates decrease, people will have more money in their pockets. This will increase demand and energize industry, startups, the space and defense sectors. He described this as the biggest reform in the Indian economy since independence.