• Source:JND
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GST 2.0 Rolled Out: With the start of Shardiya Navratri, the NextGen GST reforms also kicked in on Monday, bringing the cost of about 90 per cent of daily-use goods down.

Addressing the nation, Prime Minister Narendra Modi on Sunday said that the 375 items would become cheaper. These items include ACs, refrigerators, ghee, cheeks and snacks.

Under the new system, 99 per cent of goods of the erstwhile 12 per cent slab are now taxed at 5%, making them 7 per cent cheaper. Similarly, 90 per cent of the 28% slab goods are now taxed at 18 per cent.

However, the sin and luxury goods will now be taxed at 40 per cent. As the new system takes effect, there are some key questions that linger in the minds of consumers. Here are the answers to such questions:

Will the reduced MRP be visible in the market from today?

No, the reduced MRP will not be displayed on every item in the market from today as the shopkeepers. ave old stock of goods and will still display the old MRP. The government has also clarified that it is not mandatory to affix reduced price stickers on the goods that are produced or manufactured before September 22.

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Will I not get the benefit of GST deduction on purchasing old stock items?

All customers will receive the full benefit of the GST reduction, even if they purchase goods from old stock. The government has directed that shopkeepers must sell goods at reduced prices from September 22. It means that customers will receive the benefit of the reduction, regardless of whether the stock in the shop is new or old.

Will the shopkeeper incur loss by selling old stock at a cheap price?

Selling old goods at a discounted GST rate will not result in any loss to the shopkeeper. According to the government rules regarding GSt 2.0, shopkeepers will be allowed to adjust this amount while filing GST returns.

What are those items whose prices will not be affected?

The prices of wheat, rice, flour, pulses, fruits, fresh vegetables, milk, yogurt, buttermilk, salt, eggs, natural honey, and drinking water (excluding packaged) will remain unchanged. Furthermore, taxes on petrol, diesel, cylinders, gold, silver, smartphones, washing machines and laptops will remain the same.

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How to know whether the shopkeeper has given a full discount or not?

The customer must demand a valid tax invoice while purchasing any product. The tax invoice will clearly mention the tax imposed on the goods, which can be used to check if it is charged at reduced rates or not. The customer must also seek clarification from the shopkeeper in case of any doubt.

Will government suffer financial hit by reducing the GST rate?

Reducing rates would indeed hit the revenue of the governments. According to an estimate, the government can suffer a revenue loss of Rs 48,000 crore in the fiscal year 2025-26.

However, reducing GST rates will increase people's purchasing power, leading to a decrease in inflation. On the other hand, reducing industrial costs will encourage entrepreneurs to invest more, leading to increased production and employment opportunities. The increase in consumption is also expected to boost the country's GDP.

Basically, the government expects the revenue loss to be a mild setback from which it will recover rapidly.

What to do if the shopkeeper gives the goods at the old MRP?

-If the shopkeeper gives the goods at the old MRP, then complain by calling the toll-free number 1800114000 or 1915.

-You can also lodge a complaint by sending SMS or WhatsApp message on mobile number 8800001915.

-You can also lodge a complaint on the NACH app, and it can also be tracked.

-You can lodge a complaint by registering on the website of the Ministry of Consumer Affairs https://consumerhelpline.gov.in.