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Will GST impact the student life?
GST
Will GST impact the student life?

How GST may impact the student life?

With a slogan of 'Make in India', here comes with another slogan of 'Study in India'. Many of may think 'GST' is one of the best tax regime in a democratic country like India. But however the cases is probably very different from the real scenario. The GST might wash out dream of becoming a successful entrepreneur in several sectors. However, the GST has a positive impact on certain things such as eradication of the double taxation system, undue taxation onseveral goods, transparency in the current indirect tax, etc. But most horrifying of all is the service tax is increased in long-term products like Healthcare, education, etc. Even the government that promises to keep the basic good price in control but will not be able to do so, because derivatives of a product that are interlinked with the system. There are several things which will impact the students life positively as well as negatively.

Student Most used Accessories

GST Rate (%)

Current Tax rate (%)

Manicure & Pedicure

28

26

Movie Tickets

28

8-9

Perfumes

28

26

Beauty or makeup

28

26

Skin Care products

28

26

Shampoos, hair cream, dry & Mehendi

28

26

Eyelashes, shavin cream & other accessories

28

26

Leather Bags

28

6

Cell Phones

28

6

Telecom

18

15

Books

15

12

Entertainment Tax

28

7

How it will impact?

Supposingly, the base price has increased in a certain commodity after the implementation of Tax which goes up to 2% to 3%, in addition to there is an increase in Transportation cost by another 3%, which might givea base product increase by 5% impact. So the base price of certain commodity might with a margin go upto another 2%...So by the analysis the cost of certain products might go upto 7 to 8% in a year excluding the inflation rate.

The students may have bound to impact on the several rise on day-to-day items. GST might be transparent in a long run, buthowever, considering the students with no income the implementation of the Tax system will overburden them with the cost& misery. The GST increase in the tax will affect the entertainment expense of the students. Moreover, GST implementation will affect the financial studies that are related to taxation&the revenue system in the management. Overall 'GST' might be a good move in a long term, but the basic items cost will increase, that might decrease the output of MNC manufacturing companies in India. The students need to roll up their sleeves & has to maintain a perfect budget plan for their day-to-day expense from now onwards.

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