GST Bill passed in Rajya Sabha; know how it would impact your pocket

New Delhi: In a major relief to government, the Rajya Sabha has finally passed the Constitution amendment bill to pave the way for the introduction of a pan-India Goods and Services Tax regime. The upper house passed what is called the Constitution (122nd Amendment) Bill, 2014, with 203 members present voting in its favour. The big question that is troubling the minds of every Indian is how it would impact his pocket. Here is the list of things that would become expensive and cheaper after the application of the bill. Smalls cars and mini SUVs can become cheaper Currently, around 30 to 40 per cent tax is levied on cars. Under GST, around 18 per cent tax would be levied. So, mini SUVs would become cheaper by upto Rs 45 thousand. Small car owners would also be benefitted. Consumer durables to be cheaper Around 12.5 per cent excise tax and 14.5 per cent VAT is applicable on consumer durable like AC, fridge, washing machine, microwave oven. With GST, their prices would come down. Industries to benefit   After GST, industries would not have to pay 18 different kinds of taxes. The procedure to fill the tax would be easy unlike previous tax regime. FMCG products to be cheaper According to analyst Vinod Nayar, taxes on FMCG companies would come down to 18-20 per cent from 28-30 per cent. This would help bring the prices of their products down. Cinema tickets to be cheaper Movie tickets would become cheaper as entertainment tax would be decreased. Packaged food to be expensive 4-6 percent duty is applied on tea-coffee and many other packaged foods. After GST, they can become expensive by 12 per cent. Clothes and ornaments can be expensive On gold and gems ornaments, a duty of 3 per cent is levied. On clothes, 4-5 per cent VAT is applied. The prices of these articles can increase. All the services to be more expensive 15 per cent tax is levied on mobile bills, credit card bills and all the other services. They can become more expensive.