Changes in GST is Almost Useless Due to Budget 2018
There are few items for which GST council had changed the tax bracket from higher to lower slab. It was a crucial step to make those items cheap and growth of corresponding businesses but the 2018 Budget made those changes useless. Apparently, these items on which GST rate were reduced, now import duty has been increased on them in this budget.
The higher tax bracket was 28% which have reduced to 18%. But in Budget 2018, import duty on the same is increased from 10% to 20%.
Understand it with simple explanation that GST came down by 35.75% but Import duty has increased by 100%.
These many changes just in few months is not a good signal for the consumer as well as the business entities.
Those item includes Cosmetic Products, Watches, Sunglasses and Jewellery etc.
Also Read : Why petroleum is always a point of debate?