The recent GST reforms have reduced the GST rate on more than 149 consumer goods by 5 per cent.
Information has come to light on how much the common Indian will save due to the GST reforms. After the new GST rate comes into effect on September 22, an average of Rs 58 to Rs 88 per capita will be saved every month.
This is expected to result in many savings, depending on the family. FICCI has published a report titled 'Decoding the Journey of GST Reforms'. This information is included in that report. The report states that the reduction in GST on most daily essential products will reduce the cost burden of residents of both urban and rural areas.
The recent GST reforms have reduced the GST rate on more than 149 consumer goods by 5 per cent. Earlier, this number was only 54. This means that the GST rate has been reduced on most of the products used for daily needs, which will reduce household expenses, the report said.
Among the products most consumed by rural households, 56.3 per cent were previously exempt from GST. Now, that proportion has increased to 73.5 per cent. In urban areas, it has increased from 50.5 per cent to 66.2 per cent.
Prime Minister Narendra Modi hinted at GST reforms in his Independence Day speech this year. After the GST Council meeting, he announced a radical change in GST rates on September 3, which came into effect on September 22. Several companies have announced price cuts for various products.
