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GST 2.0 rates implemented in the country from today, what will be the benefits and what will be the impact? Understand in 10 Points

  
  
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  A major change in the Goods and Services Tax (GST) has come into effect from today. The new GST rates have come into effect. After the implementation of the new rates, many daily use items will become cheaper. In such a situation, let us tell you what 10 things should be kept in mind. After the implementation of the new GST rates, life insurance policies will be exempted. All individual life insurance policies are now exempt from GST. This will directly benefit the common people. • Exemption in health insurance: Individual health insurance policies will also no longer be subject to GST. With this, people's tax money will remain in their pockets, which is a relief for the common people. • Why medicines were not completely exempted from GST: The Finance Ministry said that although medicines were not completely exempted, they have now been placed in the 5 percent tax slab. The ministry said that if medicines are fully exempted, manufacturers will lose the ability to claim ITC on inputs like raw materials and packaging. • Which types of milk types are subject to GST: Ultra High Temperature (UHT) milk obtained from dairy sources is completely exempted from GST. However, this exemption does not apply to plant-based milk. Under GST 2.0, a uniform tax of 5 percent will now be levied on all plant-based milk beverages, including soy milk. • What will be the impact on face powder and shampoo: The new GST reform will reduce the prices of face powder and shampoo. According to the information shared by the Finance Ministry, the purpose of the rate cut is not to benefit big companies, but to simplify the GST structure. • What will be the impact of GST on rental: It has been stated that the same tax rate will be levied on leasing or renting goods without an operator as on the actual goods. In simple words, if 18% GST is levied on the sale of a car, then 18% tax will also be levied on leasing or renting a car without a driver. This principle also applies to other goods.
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