Hyderabad (Telangana) [India], September 16 : Bharatiya Janata Party National Secretary Anil K Antony on Tuesday lauded the recently announced Goods and Services Tax reforms, saying that almost 99% of the goods across the country will see a price decrease, which will help every common man.
"...The tax slab in the country has been simplified by the GST reforms...Almost 99% of the goods across the country will see a decrease in price, which will help every common man. Every different sector is also going to see a lot of drastic changes...The size of India's GDP is Rs 330 lakh crores...Implementing these kinds of sweeping reforms can increase consumption by almost 20% and around 10%, resulting in approximately 20 lakh crores additional revenue, which will boost India's productivity. It will ensure that our entrepreneurs are now getting more enthusiasm to produce more...,"Antony told ANI.

In early September, the 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent rates. 5% slab consists of essential goods and services, including food and kitchen item like butter, ghee, cheese, dairy spreads, pre-packaged namkeens, bhujia, mixtures, and utensils; agricultural equipment like drip irrigation systems, sprinklers, bio-pesticides, micronutrients, soil preparation machines, harvesting tools, tractors, and tractor tires; handicrafts and small industries like sewing machines and their parts and health and wellness like medical equipment and diagnostic kits.

While the 18% slab consists of a standard rate for most goods and services, including automobiles such as small cars and motorcycles (up to 350cc), consumer goods like electronic items, household goods, and some professional services, a uniform 18% rate applies to all auto parts.
Additionally, there is also a 40% slab for luxury and sin goods, including tobacco and pan Masala, products like cigarettes, bidis, and aerated sugary beverages and on luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters.

Moreover, some essential services and educational items are fully exempted from GST, including individual health, family floater and life insurance, no GST on health and life insurance premiums and education and healthcare, like certain services related to education and healthcare are GST-exempt.