GST Bonanza: Prices Slash Across Consumer Goods

In a significant move benefiting consumers nationwide, new GST rates on about 375 items come into effect from Monday, promising cheaper prices across various goods and services. This revision is expected to result in substantial annual savings for households.

The GST Council decided on the reduction, consolidating tax rates into 5% and 18% brackets, aimed at easing financial burdens. Prime Minister Narendra Modi described this shift as a 'double bonanza' for the poor and middle class, who will now see their essential expenses reduce.

Among the items set to become more affordable are mass consumption goods like food items, personal care products, and aspirational appliances like TVs and washing machines. Additionally, the automobile and real estate sectors receive a boost as tax rates drop, promoting further economic stimulation.