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Does the GST pinch your wallet hard?

Author: S Vijaykrishnan & Prateek Gupta/Thursday, July 20, 2017/Categories: TRACKING THE GST

Does the GST pinch your wallet hard?

It’s been three weeks since India woke up to the Goods & Services Tax and still a lot of us are grappling with whether it has really made our expenses shoot up, as we feared, or has it brought down prices of most goods, as the government continues to insist. Well, we try to decrypt it for you. While the government has exempted essentials such as food items including fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi, these are far and few between. Read on to understand the impact.   

Goods

MRP/Current Sale price (Rs)

Excise rate & VAT (%)

GST RATE (%)

Revised MRP (Rs)

Are you spending more/ less?

Change (%)

Branded Paneer

66 (200 gm)

6

5

65

-1

-1.5

Butter

40 (100 gm)

6

12

42

2

5.0

Cheese

65 (100 gm)

6

12

69

4

6.2

Tea/ Coffee

400 (1kg)

6

5

396

-4

-1.0

Edible Oil

90 (1 ltr)

12

5

84

6

6.7

Namkeen (Bhujia)

100 (1 kg)

26

12

89

-11

-11.0

Ice cream

40 (100 ml)

26

18

37

-3

-7.5

Aerated drinks

75 (1.75 ltr)

32

40

80

5

6.7

Medicines

100/ strip

12

5

94

-6

-6.0

Toothpaste

100 (300 gm)

26

18

94

6

6.0

LED lights

125/ piece

18.5

12

118

-7

-5.6

LPG Gas

475/ per cylinder

6

5

471

-4

-0.8

Air-conditioners

28,000/ piece

26

28

28444

444

1.6

Refrigerators

30,000 (300 ltr)

26

28

30476

476

1.6

Television Sets

25000 (32-inch LED)

24.5

28

25703

703

2.8

Smartphones

6000/ piece

8

12

6222

222

3.7

SERVICES Base bill amount Service tax at 14%+Cess of 1% Old bill amount (Rs) GST rate (%) and new tax New bill amount (Rs) % rise in spending
Mobile/ Telephone bills 1,372 205.80 1,577.80 18% (Rs 247) 1619 3
Electricity bills  1000 NIL 1000 NIL 1000 0

 

Note: The calculations are based on Maharashtra VAT (excluding Octroi). Prices have been assumed based on figures available on prominent shopping outlets and online portals. Calculations prepared by CA Prateek Gupta, Tax Advisory Services, Karvy Stock Broking Ltd. Green indicates a drop in tax rates and your spending, while red indicates a rise.

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S Vijaykrishnan & Prateek Gupta

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The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

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