The 'gift' of Modi government on New Year, many products and services become cheap
Tuesday - January 1, 2019 12:04 pm ,
Category : WTN SPECIAL
Due to Prime Minister Narendra Modi's 'election strategy', inflation comes down
Inflation reduced: LPG cylinders, including domestic consumption goods get cheaper, while the credit linked subsidy scheme extended till March 31, 2020
JAN 01 (WTN) – After being defeated in the three states assembly elections and keeping mind the Lok Sabha elections to be held next year, the Modi government has given a New Year gift to the common man and has made many commodities and services cheaper. From today, i.e. January 1, notification has been issued to reduce the GST rate on 23 items and services, including cinema tickets, television and monitor screens up to 32 inches. For your information, let you know that the GST Council had decided to reduce the tax rate on 23 items and services in the December 22 meeting.
Consumers will have to pay less for 23 items and services since today because the rates of GST have been reduced since today. GST Council reduced its rate of 28 per cent on these 23 items and services in its previous meeting. On certain goods and services it has been reduced to 18 percent, while the rate on some commodities and services has been reduced to 12 percent.
For your information, let you know that at the highest rate of 28 per cent GST, there are now some luxury items, harmful goods, cement, large TV screen, air conditioners and dishwashers. GST Council has reduced the GST rate from 28 to 5 percent on the components of carriers operating on behalf of the handicapped people. Not only this, the GST rate has been reduced from 18 per cent to 12 per cent on the insurance premium of third party of the goods transport vehicles.
Now the non finished stones of marble, natural cork, walking sticks, bricks made of fly ash, etc. will now be at the rate of 5 per cent GST. Music books, non-cooked or steam or boiled vegetables and frozen, branded and processed vegetables, which are not worth consuming in that form, all these will now be GST free.
There will be no GST on services of banks of saving accounts opened under the Jan-Dhan Yojana. At the same time, pilgrims traveling through non-notified or chartered flights circulated by the government will now have to pay GST at the rate of 5 per cent.
At the same time, instead of 18% on cinema tickets up to 100 rupees GST rate will be 12%. Now on cinema tickets with a rate of more than Rs 100, there will now be 18 per cent GST instead of 28 percent. 32-inch monitors and television screens and power banks will now also get GST at 18 per cent instead of 28 percent.
Here on the New Year the Modi government has given another gift to the general public. Subsidized LPG cylinder has now become cheaper by Rs 5.91 while the reduction in the non subsidized cylinder is Rs 120.50. For your information, let you know that the price of cooking gas cylinders has been reduced for the second time in a month.
At the same time, the Central Government has given relief to the middle income group (MIG) by increasing the credit linked subsidy scheme from 12 months to 31 March 2020. According to the information, till December 30, 2018, the number of beneficiaries of the scheme was 3,39,713 and the government has issued subsidy of Rs 7,543.64 crore.
Under this scheme, you can get interest exemption from government on the home loan under low income group (LIG) and MIG. For your information, let you know that in June 2018, the carpet area was increased to 160 square meters for MIG-1 and 200 square meters for MIG-II under this scheme. However, this increase came into effect from January 1, 2019.
It is to be seen now how much of these gifts given by Prime Minister Modi will be beneficial to him in the Lok Sabha election. From petrol-diesel to LPG gas cylinders and from home loans to household goods, all have become cheaper. It is believed that before the election, the Modi government can cut rates of GST on some other goods and services, after which the public may not have the opportunity to complain about inflation. Now it is necessary to see how much this step of Modi government of reducing the inflation rate will attract the people.
JAN 01 (WTN) – After being defeated in the three states assembly elections and keeping mind the Lok Sabha elections to be held next year, the Modi government has given a New Year gift to the common man and has made many commodities and services cheaper. From today, i.e. January 1, notification has been issued to reduce the GST rate on 23 items and services, including cinema tickets, television and monitor screens up to 32 inches. For your information, let you know that the GST Council had decided to reduce the tax rate on 23 items and services in the December 22 meeting.
Consumers will have to pay less for 23 items and services since today because the rates of GST have been reduced since today. GST Council reduced its rate of 28 per cent on these 23 items and services in its previous meeting. On certain goods and services it has been reduced to 18 percent, while the rate on some commodities and services has been reduced to 12 percent.
For your information, let you know that at the highest rate of 28 per cent GST, there are now some luxury items, harmful goods, cement, large TV screen, air conditioners and dishwashers. GST Council has reduced the GST rate from 28 to 5 percent on the components of carriers operating on behalf of the handicapped people. Not only this, the GST rate has been reduced from 18 per cent to 12 per cent on the insurance premium of third party of the goods transport vehicles.
Now the non finished stones of marble, natural cork, walking sticks, bricks made of fly ash, etc. will now be at the rate of 5 per cent GST. Music books, non-cooked or steam or boiled vegetables and frozen, branded and processed vegetables, which are not worth consuming in that form, all these will now be GST free.
There will be no GST on services of banks of saving accounts opened under the Jan-Dhan Yojana. At the same time, pilgrims traveling through non-notified or chartered flights circulated by the government will now have to pay GST at the rate of 5 per cent.
At the same time, instead of 18% on cinema tickets up to 100 rupees GST rate will be 12%. Now on cinema tickets with a rate of more than Rs 100, there will now be 18 per cent GST instead of 28 percent. 32-inch monitors and television screens and power banks will now also get GST at 18 per cent instead of 28 percent.
Here on the New Year the Modi government has given another gift to the general public. Subsidized LPG cylinder has now become cheaper by Rs 5.91 while the reduction in the non subsidized cylinder is Rs 120.50. For your information, let you know that the price of cooking gas cylinders has been reduced for the second time in a month.
At the same time, the Central Government has given relief to the middle income group (MIG) by increasing the credit linked subsidy scheme from 12 months to 31 March 2020. According to the information, till December 30, 2018, the number of beneficiaries of the scheme was 3,39,713 and the government has issued subsidy of Rs 7,543.64 crore.
Under this scheme, you can get interest exemption from government on the home loan under low income group (LIG) and MIG. For your information, let you know that in June 2018, the carpet area was increased to 160 square meters for MIG-1 and 200 square meters for MIG-II under this scheme. However, this increase came into effect from January 1, 2019.
It is to be seen now how much of these gifts given by Prime Minister Modi will be beneficial to him in the Lok Sabha election. From petrol-diesel to LPG gas cylinders and from home loans to household goods, all have become cheaper. It is believed that before the election, the Modi government can cut rates of GST on some other goods and services, after which the public may not have the opportunity to complain about inflation. Now it is necessary to see how much this step of Modi government of reducing the inflation rate will attract the people.
