Pay Less GST in NY2019: Know What’s in store for Common Man & Traders!

GST 2019: On the eve of New Year 2019, as the world preps up for the new year party, let us give you a sneak peek into what’s going to be cheaper from tomorrow i.e. 1st January 2019 as the GST on these items stands slashed.

GST 2019: On the eve of New Year 2019, as the world preps up for the new year party, let us give you a sneak peek into what’s going to be cheaper from tomorrow i.e. 1^st January 2019 as the GST on these items stands slashed.

Common Man:

In the last GST Council meeting held on Saturday, 22^nd December 2018, general electronic items like LCD TVs (up to 32 inches), monitors, digital cameras, video cameras, power banks, certain video game consoles were put under the GST Slab of 12% from 18% earlier. If you’ve been eyeing to buy any of these items, then tomorrow could be the best day to gift yourself these electronics at a lesser price.

Apart from electronic goods, footwear is another common purchasing for which the prices are bound to come down in 2019, as earlier the GST was charged on Maximum Retail Price (MRP) but from tomorrow onwards, it will be charged on the Base price of the shoes.

Check Revised GST Slab for Various Items as per 31^st GST Council Meeting

The common man will also begin the New Year 2019 sans banking charges on ATM cards, cheque books, SMS alerts besides several other paltry charges that are never paid with a smile. Savings account holders as well as Jan Dhan account holders will be exempted from paying these charges.

Traders:

The New Year is ringing in with good news for traders too as the late fee on GSTR filing is waived off for any trader who files GSTR post 22^nd December 2018. Old Returns too can be filed till 31^st March 2019. For traders whose annual turnover is below 1.5 crores, monthly tax can be paid while filing the GSTR quarterly.