GST council approved GST cut on common items to 5% with effect from September 22 this year. Goods and service tax regime was introduced by BJP government on most of the consumer items and services. However with new slab there is much relief to common man and with NIL GST on individual health and life insurance products the common man can invest now in health and life insurance products as a security in financial terms. The present slab 5% and 18% has replaced existing 5%,12%,18%and 28% slabs. Many items were charged with 28% slab which was burden on common man too. GST on luxury items and gambling activities has been raised to 40% which is played by few and rich class. The move is a gift on Navratri festival which will encourage more purchases and savings in terms of GST and with offers expected by the sellers. Now the only concern is MRP which should remain same as if it is increased by retailers then the reduction in slab will be of no use. So government should see that MRP on products remains same to get benefit of reduced slab.
