GST rollout: What will be cheaper or dearer

The GST Council, led by Finance Minister Arun Jaitley finalised on the tax rates under Goods and Services Tax (GST) on almost all items on Saturday.

Here is a list of items that might pinch your pockets or put a smile across your face under the new tax regime.

What goes up...

1) Mobile Bills

With most of the services bracketed under the 18% slab, calls to friends and family will have to be shorter. Presently, the mobile bills are attached with a Service Tax of 15%.

2) Personal care items

Decking up for a weekend party might take its toll as cosmetics such as shampoos, perfumes and make up items will be under the 28% slab, up from the current 22%

3) Gold

Wedding expenses may surge under GST as the rate finalised for the yellow metal is 3%. Presently, gold is taxed around 2 per cent (1 per cent excise and 1 per cent VAT or value-added tax). However, some states charge a higher VAT. The prices may go slightly up though analysts believe tax incidence might not be very different.

4) Consumer durables

If you are planning to set up a new household, you may have to shell out a few extra bucks as reports suggest that TVs, ACs and Washing Machines will get expensive under GST

5) Cigarettes: The suspense continues...

Cigarette is the lonely child of GST regime as it is billed as the only item whose rate has not yet been fixed and is expected to be finalized in the next GST Council meet on June 11. It is almost certain that your puffs will be dearer from July 1 with the a cess on top of 28% tax is expected to be slapped on the sin sticks

What comes down...

1) Smartphones

India might well continue on the path of its smartphone revolution. The tax on smartphones will come down from 13.5 % to 12%

2) Movies:

You can spend more on your pop corn the next time you go for a movie as taxation on entertainment, cable and DTH services shall also come down as the 'entertainment tax' levied by states has been subsumed in the GST and the effective levy has been kept at 18 per cent.

3) Transport services

Your trip to the movie hall is also going to get cheaper as cab rides will attract a 5% tax against the current 6%

4) Food grains

The monthly grocery bill will give you reasons to be happy as foodgrains have been exempted from any of the tax slabs

5) Luxury Cars

The dream of owning a Merc might just seem more viable with luxury car manufacturers already slashing prices ahead of the GST season. The GST council has added 15 per cent cess on SUVs and luxury cars on top of common peak rate of 28 per cent across all passenger vehicles. Presently, they attract an overall incidence of above 50 per cent, which would come down to 43 per cent (GST of 28 per cent plus cess of 15 per cent)