GST Slab Change: The auto sector will also get a big benefit from this change. GST on small petrol or CNG cars up to 1200cc has been reduced to 18%. This means that a car worth ₹6 lakh will now be available for ₹5.48 lakh, which will result in a direct saving of ₹52,000
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New GST Slab: The GST Council has made a big change in the GST rates, which will save more money in the pockets of everyone from the common man to the high-income group. Under this new change, many things like grocery, insurance, car and even yoga classes will become cheaper. The new change will increase savings without changing your way of spending. Let us tell you where and how much will be the savings.
The common man’s pocket will be most affected by the new change. For example, a family with a monthly budget of ₹ 80,000 will be able to save about ₹ 2,640 every month without changing their consumption. This saving will be mainly due to the reduction in the GST rate from 12% to 5% on everyday needs like food and grocery items. Apart from this, GST has also been reduced on gym membership, salon and health and life insurance.
However, a family with a monthly budget of ₹3 lakh will save ₹5,916 and a family with ₹10 lakh will save ₹14,800, but in terms of percentage, it will be less than the common man. One thing to keep in mind is that expensive clothes and shoes worth more than ₹2,500 will be expensive, as 18% GST will be levied on them.
Big benefit to auto and real estate sector
The auto sector will also get a big benefit from this change. GST on small petrol or CNG cars up to 1200cc has been reduced to 18%. This means that a car worth ₹6 lakh will now be available for ₹5.48 lakh, which will result in a direct saving of ₹52,000. Even the prices of mid-segment and luxury cars will come down. Positive effects are also being seen in the real estate sector. GST on cement, a major input in construction, has been reduced, which will have a net impact of 3.6% on the cost of housing. Also, a 1% drop in the repo rate has also reduced home loan rates, which will lead to a saving of about ₹35 per lakh per month on a loan of ₹50 lakh.
