Good news for all the youngsters! Going restaurants and movie halls are becoming cheaper after the implementation of GST. GST stands for Goods and service tax where the maximum ceiling is fixed at 18% and the minimum in 15%.
Usually, we are charged 22%-23% cumulatively when we buy movie tickets and have foods in restaurants. Think how much it will impact on your pocket when the cost of your candle light dinner is lowered. If you are a college goer, think how much it will be fun while you will be charged 4%-5% less in Caffe Coffe Day and your favourite KFC!
The GST Constitution Amendment Bill was passed in the lower house in 2014 and now in 2016 it’s about to be implemented. The law empowers both Central and State government to impose taxes. Central taxes will be known as CGST while state taxes will be known as SGST.
Parallelly it turns down the never ending debate of which is categorised under goods and which are categorised under services as there are many things which are not entirely categorised under one of these. Now whatever you are giving- goods or services, the tax is same for both, and you don’t have to do a lot of mathematics to determine how much tax you should pay.
For product/ Goods:Currently, we are being charged 23%-25% in many cases, and it will bring down to 18% after the law comes into effect.
For Service: For service, it was 15% earlier, but now it will escalate to 18%.
But for dual, where product and service both are given, you won’t be charged double. So happy tummy blast session! Enjoy dining out and movies!