Government slashes GST on essentials to 5% while hitting luxury items with 40% tax
Key Points
- India slashed GST on essential goods to 5% while luxury item...
The Indian government just pulled off what might be the biggest GST shake-up since sliced bread got its own tax category. On September 3rd, finance ministers decided that your shampoo and cooking oil deserve better treatment than a Ferrari - and honestly, they're not wrong.
Here's the deal: GST rates on essential goods just dropped from 18% and 12% straight down to 5%. That's your daily necessities like hair oil, shampoo, and basic food items suddenly becoming more affordable. Meanwhile, luxury items are getting whacked with a hefty 40% GST rate because apparently, someone needs to pay for al...
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