What factors influence the costlier and cheaper items after the latest GST Council meeting
Discuss the impact of the latest GST Council meeting on the prices of cancer drugs and import of services by foreign airlines.
- Input tax credit availability: Costlier items may see a decrease in prices due to the availability of input tax credit, whereas cheaper items may become more expensive.
- Rate revisions: Changes in GST rates can directly impact the pricing of items, either lowering or increasing their costs.
- Supply chain efficiencies: Improved supply chain efficiencies can lead to cost savings, reducing the prices of certain goods and services.
- Cancer drugs: The latest GST Council meeting has brought down the tax rates on cancer drugs from 12% to 5%, making them more affordable for patients.
- Import of services by foreign airlines: Foreign airlines providing services in India will have to bear an 18% GST on services like tickets and other facilities, possibly leading to increased prices for consumers.
Answered
8 months ago