7 years of GST: Households emerge top beneficiaries, shows CBIC data

The Goods and Services Tax (GST) which subsumed 17 local taxes and fees, was implemented on July 1, 2017. In nearly seven years, the tax has been reduced on several products and services used by the common people.

According to data by the Central Board of Indirect Taxes and Customs (CBIC), the majority of household items including flour, cosmetics, television, refrigerator etc have become cheaper post GST implementation.

This has significantly reduced the strain on household incomes and improved affordability. In the GST Council meeting on Saturday, Finance Minister Nirmala Sitharaman said: “I want to reassure the assessees that our intent is to make GST assessees’ life easier. We are working towards lesser compliance.”