Key petroleum products like crude, natural gas, high speed diesel and aviation turbine fuel have been kept out of GST.
India’s biggest taxation reform since 1991, GST, will unify the nation and make it an attractive destination for foreign investments.
Under the GST regime, most manufactured goods will turn cheaper while services will cost more.
Services which are taxed at 15 per cent may be raised to 18 per cent.
However, GST tax rates are not yet fixed and will be decided by the GST council, which will be set up in 60 days.
Take a look at what will be costlier and cheaper once GST comes into effect...
Banking, insurance services
Banking services, insurance premium and investment management are likely to cost more.
Medicines will also be costlier.
Hotels and restaurants will charge you more for food and services.
Mobile calls, handsets
Phone calls, which are cheaper now will cost you more. Mobile phones will be costlier too.
Travelling will pinch your pocket too as airfares and train fares will rise.
Smokers will have to spend more on cigarettes.
Textile and branded jewellery
Textile and branded jewellery may become expensive.
Get ready to shell out more for your hair cut and other services at the parlour.
Even as you spend more on services, a number of products will turn cheaper.
Buying your dream car will be easy now as prices of cars, two-wheelers and SUVs may drop by 10-17 per cent. Car batteries are also likely to get cheaper.
Giving a boost to construction sector, construction materials, paint and cement are likely to turn cheaper.
Movie buffs can rejoice
Watching a movie will be cheaper as entertainment tax will come down.
Consumer durables and electronics
Consumer durables and items like fans, lighting, water heaters, air coolers are also likely to be cheaper. Furniture will be cheaper too.
Biscuits and cakes
Biscuits and cakes will cost less.