GST Council Cuts Rates to 5% on Essential Items, Easing Costs for Families and Traders

• GST Council reduced rates on common items from 12 percent and 18 percent to 5 percent
• No GST on insurance as a government gift
• Reduction positively affects consumer rates
• Items reduced from 12 percent to 5 percent include tooth powder, candles, feeding bottles, handbags, tableware, umbrellas, sewing needles, kerosene stoves, bicycles, bamboo furniture, hurricane lanterns, combs, and baby napkins
• Items reduced from 18 percent to 5 percent include talcum powder, hair oil, shampoo, dental floss, shaving products, toilet soap, and toothbrushes
• Lower taxes support families, small traders, and manufacturers
• Day-to-day living items are now more affordable

Source: taxscan.in

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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