The government in its 36th GST council meeting recognised the stress of rising expenses in the country and decided to take necessary measures to control it which included tax revisions in certain sectors.
People can start getting of benefits of these steps taken by the government starting 1st August. Here’s a list of benefits that people can avail starting tomorrow.
1. Electric cars to get cheaper
Driving electric cars at cheaper price will now be possible as The Finance Ministry stated during the Budget session that taxes on electric cars will be reduced from 12% to 5%. The reduced rates will take effect from 1st of August.
Hence, once the rate is effective, an electric car that costs Rs 10 lakh would be cheaper by around Rs 70,000.
2. Services in SBI to get cheaper
The most popular bank in the country, the State Bank of India, has decided to do away with the charges levied on IMPS. This too shall be effective from 1st August. Consequently, people who make money transfers via net banking and mobile apps of the SBI, will not have to pay any extra charges. Further, the SBI has also removed charges on NEFT and RTGS.
3. Houses to get more affordable
People who aspire to own a house in Noida or Greater Noida, they have a good news coming their way. This is because the circle rates of land in these areas have come down. Moreover, six percent surcharge imposed on properties too has been waived off. 25% surcharge on malls has been removed too.
