GST – Should You go on a Shopping Spree This Weekend?
It’s Friday evening and here comes the weekend knocking at our mind, heart and pockets.
Thanks to GST —this weekend might put you in a dilemma, whether you should go on a shopping spree or wait for the next weekend to arrive in the GST era.
New Delhi: It’s Friday evening and here comes the weekend knocking at our mind, heart and pockets. Thanks to GST —this weekend might put you in a dilemma, whether you should go on a shopping spree or wait for the next weekend to arrive in the GST era. To help you make an informed decision, we’ve listed below top four things that shoppers buy during weekends and what is the impact of GST on these goods:
Man-made apparel up to Rs 1,000 currently attracts 7% tax, which is put under the 5% GST slab. Anything above Rs 1,000 is currently taxed 12% and will continue to be so. So not a big change is foreseen, may be a marginal cut in prices post GST. Ready-made garments will also attract 12% GST.
Post-GST, shoppers will witness respite while buying footwear as anything that costs below Rs 500 will attract 5% GST as opposed to the current 9.5% and items above Rs 500 will be levied 18% GST as compared to 23.1% - 29.58% now. So probably you can wait and buy your favourite pair in the next weekend.
Perfumes & Cosmetics
Perfumes, cosmetics, sun tan lotions, manicure and pedicure creams, face masks etc are put under 28% GST ambit which more or less remains on a par with the current 28%-31% tax structure. However, FMCG and personal care items have been bucketed under the 18% slab, so one can expect a lower grocery bill.
Bags & Boxes
Handbags, satchels, wallets, school bags, sports bags, travelling bags, rucksacks, jewellery boxes, trunks, suitcases, vanity cases, brief cases, executive cases, basically anything that can be categorised under bags and luggage will fall under 28% GST Slab. According to experts, post GST, bags and luggage can witness a price hike of 10%-15%.
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